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TRANSCANADA PURCHASES ANG COMMON SHARES

 TRANSCANADA PURCHASES ANG COMMON SHARES
 CALGARY, Alberta June 11 /PRNewswire/ - TransCanada PipeLines


(Toronto, Montreal, Vancouver, Calgary: TRP) today announced that it has reached agreement with Pacific Gas Transmission Co. of San Francisco (PGT) to acquire PGT's 49.98 percent interest in Alberta Natural Gas Co. Ltd. (ANG) (Toronto, Montreal, Vancouver, Calgary: ANG) of Calgary. TransCanada will invest U.S. $97.2 million (approximately CDN $115 million), or U.S. $9.27 per share (approximately CDN $11 per share) in the purchase of the 10.49 million ANG common shares. The boards of directors of TransCanada and PGT approved the transaction this week and the deal is expected to close on June 30, subject to certain regulatory reviews and approvals.
 The ANG share purchase arises out 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. That letter superseded the agreement of Sept. 5, 1991, in which TransCanada proposed to acquire PG&E's 100 percent interest in PGT, including the 49.98 percent holding in ANG. Discussions regarding the purchase of PGT have been deferred until resolution of the restructuring of gas purchase contracts between Alberta and Southern Gas Co. Ltd. (A&S) and Canadian gas producers. TransCanada continues to hold a limited right of first refusal to acquire the PGT shares from PG&E.
 -0- 6/11/92
 /CONTACT: Frank Dabbs of TransCanada PipeLines, 403-267-8525/
 (PCG TRP.) CO: TransCanada PipeLines Ltd.; Alberta Natural Gas Co. Ltd.; Pacific
 Gas Transmission Co.; Pacific Gas & Electric Co. ST: Alberta, California IN: OIL SU: TNM


KJ -- LA021 -- 9462 06/11/92 17:43 EDT
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Publication:PR Newswire
Date:Jun 11, 1992
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