AMALGAMATION / Union Gas Ltd & Centra Gas Ontario Inc
VANCOUVER, B.C., Jan. 2 /CNW/ - Westcoast Energy Inc. and its
subsidiaries, Union Gas Limited and Centra Gas Ontario Inc., today announced
that the amalgamation of Union Gas and Centra Gas Ontario was completed on
January 1, 1998.
The amalgamated company is known as Union Gas Limited and will carry on
the business formerly conducted by Union Gas and Centra Gas Ontario. Since
1994, Union Gas and Centra Gas Ontario have operated under a shared services
agreement which resulted in combined cost savings totalling approximately $14
million per year. The amalgamation will result in additional operating
efficiencies which will benefit customers and position the company well for
changes in the North American energy industry. There is no effective change in
Westcoast's ownership interest in Union Gas and Centra Gas Ontario due to the
amalgamation.
The amalgamation was approved by the Lieutenant Governor in Council of
the Province of Ontario, on the recommendation of the Ontario Energy Board,
and was also approved by the committees of independent directors of each of
Union Gas and Centra Gas Ontario.
Union Gas Limited, which serves more than one million customers in
northern, southwestern and eastern Ontario, is a wholly owned subsidiary of
Westcoast Energy Inc. (TSE:W; NYSE:WE). Headquartered in Vancouver, British
Columbia, Westcoast Energy's interests include natural gas gathering and
processing facilities, gas transportation and storage facilities, gas
distribution companies as well as power generation, international and energy
services businesses. Westcoast Energy has assets in excess of $9.6 billion and
employs approximately 6,000 people. |
