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UNION ENERGY BOARD RESPONDS FAVOURABLY TO WESTCOAST BID PROPOSAL

UNION ENERGY BOARD RESPONDS FAVOURABLY TO WESTCOAST BID PROPOSAL
 TORONTO, Oct. 1 /CNW/ - Union Energy Inc. (TSE, ME - UEI) said today that its Board has met to review the takeover proposal by Westcoast Energy Inc. announced earlier this week pursuant to an agreement with Union Energy's controlling shareholder, Unicorp Energy Corporation.
 Jim Leech, President and Chief Executive Officer said, "Union Energy's Board has now reviewed Westcoast Energy's proposal with its financial and legal advisors and has responded favourably. This response satisfies one of Westcoast's three conditions precedent to making the offer."
 The remaining conditions include completion of due diligence by Westcoast Energy and resolution of certain regulatory issues by the end of this week.
 Under the proposed offer to be made on or before October 9, 1992, common shareholders of Union Energy would be offered their choice of $16.00 cash or one common share of Westcoast Energy.
 Union Energy Inc. is a leading Canadian energy company engaged in all phases of the natural gas business - from wellhead to burner tip. The Company's operations transport and sell approximately one trillion cubic feet of natural gas per year to markets in central Canada and the northeastern United States. Union Energy explores for, produces and purchases natural gas throughout North American and operates Canada's second largest natural gas distribution utility and largest underground natural gas storage system.
 For further information: James W. Leech, President and Chief Executive Officer; Chris W. Jamieson, Senior Vice-President, Finance (416) 964-6300
 (UEI.)
 -0- 10/01/92


CO: UNION ENERGY INC.; WESTCOAST ENERGY INC. IN: OIL SU: TNM ST: -- c0147 -- X046 10/01/92
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Publication:PR Newswire
Date:Oct 1, 1992
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