Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Frank Pembleton who wrote (90958)	5/17/2001 6:01:44 AM
From: Frank Pembleton	Read Replies (1) of 95453

Westcoast Energy Raymond James analysts Bob Hastings and Juan Plessis continue to rate the shares of Westcoast Energy Inc. (TSE-W, $33.90) a strong buy. Their 12-month target price is unchanged at $43. Westcoast has announced that it has entered into a letter of intent to sell two of its power generation assets to Calpine Canada Power Holdings Ltd. (TSE-CPX, $78.01). The deal is worth $392 million. It comes on the heels of the company's recent termination of negotiations to sell power assets to TransCanada Power LP. The transaction with Calpine "appears to represent about two times book value and compares very favourably to Westcoast's current market value ratio of 1.5 times book value," Messrs. Hastings and Plessis say. What's more, it will let the company "receive $177 million in cash, eliminate $215 million of debt, and record an after-tax gain of approximately $70 million." Westcoast Energy is a leading North American energy company.

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