NOVA CORP. OF ALBERTA RECEIVES APPROVAL TO PROCEED WITH THE DISPOSITION OF ITS INTERESTS IN HUSKY OIL LTD.
NOVA CORP. OF ALBERTA RECEIVES APPROVAL TO PROCEED WITH THE DISPOSITION OF ITS INTERESTS IN HUSKY OIL LTD. CALGARY, Alberta, Dec. 20 /PRNewswire/ -- NOVA Corp. of Alberta (NYSE, Toronto, Montreal, Calgary: NVA) announced today that approval has been received from Investment Canada to proceed with the disposition of its interests in Husky Oil Ltd. for a total of $325 million. The purchasers of NOVA's 43 percent equity interest in Husky for $250 million will be companies associated with Li Ka-shing of Hong Kong. As part of the transaction, Husky will redeem its preferred shares held by NOVA for $75 million. "Approval under the Investment Canada Act was the only outstanding condition of any substance for the disposition and we expect to close the deal on Dec. 31, 1991," said NOVA vice president and general counsel J. S. Mustoe. NOVA's decision to sell its Husky interests is part of continuing actions to strengthen the corporation's core businesses, which are natural gas transmission in Alberta and the production and sales of chemicals and plastics. "Our goal is to be the most cost-effective natural gas transmission business and to create a fully competitive chemicals business. These steps will help us achieve those objectives," said J.E. Newall, NOVA president and chief executive officer. NOVA is a widely held company operating internationally from headquarters in Calgary, Alberta, Canada. NOVA builds its future on pipelines, and the manufacturing and marketing of chemicals processed primarily from Alberta natural resources. -0- 12/20/91 /CONTACT: J. S. Mustoe of the NOVA Corp. of Alberta, 403-290-7636/ (NVA.) CO: NOVA Corp. of Alberta ST: Alberta IN: OIL SU:
EH-AL -- LA022 -- 4637 12/20/91 19:51 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 20, 1991|
|Previous Article:||OMC CLARIFIES NEWS STORY|
|Next Article:||LINCOLN N.C. REALTY FUND ANNOUNCEMENTS|