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NERCO COMPLETES MERGER WITH KENNECOTT AFFILIATE

 PORTLAND, Ore., June 2 /PRNewswire/ -- NERCO Inc. (NYSE: NER; Toronto) announced that the merger with a wholly owned subsidiary of RTZ America Inc. (NYSE: RTZ), the parent company of Kennecott Corp., became effective today. Under the terms of the merger agreement, NERCO shareholders will receive $12.00 per share in cash in exchange for their NERCO common stock. NERCO shareholders will soon be receiving instructions concerning surrender of their shares in exchange for payment from Harris Trust & Savings Bank, the paying agent.
 As contemplated by the merger agreement, an affiliate of PacifiCorp Holdings Inc., a wholly owned subsidiary of PacifiCorp (NYSE: PPW), has funded a $225-million loan to a subsidiary of NERCO.
 NERCO Inc. is a natural resource company with interests in low- sulfur coal, oil and natural gas.
 -0- 6/2/93
 /CONTACT: John C. Cummings, 503-731-6649, or Richard T. O'Brien, 503-731-6732, both of NERCO/
 (NER RTZ PPW)


CO: NERCO Inc.; RTZ America Inc.; Kennecott Corp.; PacifiCorp Holdings
 Inc.; PacifiCorp ST: Oregon IN: OIL SU: TNM


LM -- SE019 -- 4510 06/02/93 13:31 EDT
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Publication:PR Newswire
Date:Jun 2, 1993
Words:176
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