TRANSCANADA PIPELINES CLOSES ANG SHARE PURCHASE
TRANSCANADA PIPELINES CLOSES ANG SHARE PURCHASE CALGARY, ALberta, June 30 /PRNewswire/ -- TransCanada PipeLines
(NYSE: TRP, Toronto, Montreal, Vancouver, Calgary: TRP) (TransCanada) today announced that it has completed the acquisition from Pacific Gas Transmission Co. (PGT), of San Francisco, of PGT's 49.98 percent interest in Alberta Natural Gas Co. Ltd. (ANG) of Calgary. TransCanada purchased 10.49 million ANG common shares for US $97.3 million (approximately CDN $116 million). The share block represents TransCanada's total holding of ANG equity. The purchase will enhance TransCanada's core business of natural gas transmission and marketing.
Concurrent with the share purchase, four TransCanada nominees joined the ANG board of directors. The new ANG directors are all members of TransCanada's senior executive management group: Chairman, President and Chief Executive Officer Gerald J. Maier; Chief Financial Officer George W. Watson; Senior Vice President Law Robert A. M. Young; and Senior Vice President Derek E. Henwood. This transaction is a result of a letter of intent TransCanada signed with Pacific Gas and Electric Co. (PG&E) (NYSE: PCG), PGT's parent company, on April 10, 1992. TransCanada continues to hold a limited right of first refusal to acquire PG&E's 100 percent interest in PGT. Discussions regarding the purchase of PGT remain deferred until resolution of the restructuring of gas purchase contracts between Alberta and Southern Gas Co. Ltd. and certain Canadian gas producers. -0- 6/30/92 /CONTACT: Frank Dabbs, of TransCanada PipeLines, 403-267-8525/ (PCG TRP.) CO: TransCanada PipeLines Ltd.; Pacific Gas & Electric Gas Co.; Pacific Gas Transmission Co. ST: Alberta IN: OIL SU: EH -- LA021 -- 5325 06/30/92 16:25 EDT
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|Date:||Jun 30, 1992|
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