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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (16867)11/26/2004 1:59:30 PM
From: RealMuLan  Read Replies (1) of 116555
 
Husky Energy Surges After Report of Talks With China (Update2)
Nov. 26 (Bloomberg) -- Shares of Husky Energy Inc., a Canadian oil and natural-gas producer controlled by Hong Kong billionaire Li Ka-shing, surged after a newspaper reported that the Chinese government is in talks to buy the company.

The shares climbed C$1.63, or 4.9 percent, to C$35 ($29.73) at 11:27 a.m. in Toronto Stock Exchange trading. A close at that price would mark the biggest gain for Calgary-based Husky since October 2003. The stock has jumped 49 percent this year.

China would take control of Husky through a state oil company, the Globe and Mail of Toronto reported today, citing unidentified people familiar with the talks. The purchase of Husky, which has two projects in Alberta's oil sands, would come as China seeks to ensure that the world's most populous country has enough oil to fuel its expanding economy.

``If you look at Husky in terms of its future growth and where it's going to come from, it's the oil sands and heavy oil,'' said Wilf Gobert, an analyst at Peters & Co. in Calgary who rates Husky shares at sector underperform and doesn't own any.

Husky is spending C$500 million on its Tucker Lake
bloomberg.com
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