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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (9983)	4/7/1998 8:03:00 PM
From: Arnie	Read Replies (5) of 15196

PIPELINES / Nova & TransCanada merger clears 2 Hurdles CALGARY, April 7 /CNW/ -- NOVA Corporation and TransCanada PipeLines Limited report their merger regulatory process has passed two critical hurdles necessary for completion of their proposed merger. The U.S. Federal Energy Regulatory Commission (FERC) issued an order on April 6, 1998 granting its approval of the companies' application. A joint TransCanada and NOVA application was filed with the FERC on February 11, 1998. The approval was required as a result of indirect interests held by the companies in electric public utilities and power marketers in the United States. On March 6, 1998 the companies filed an application with the U.S. Federal Trade Commission and the Department of Justice under the Hart-Scott-Rodino Anti-trust Improvements Act of 1976. The 30-day waiting period, required under that legislation, expired on April 5 allowing NOVA and TransCanada to proceed with the merger without further review under that legislation. ''Essential additional approvals are still required,'' said George Watson, president and chief executive officer of TransCanada. ''Nonetheless, we are delighted to see these initial approvals being put into place. This keeps us on track in our target of finalizing the merger transaction around the end of the second quarter, 1998.''

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