CORP. TOP 20 LISTED / Petro Canada to continue JV
PETRO-CANADA, ULTRAMAR DIAMOND SHAMROCK CONTINUE TO PURSUE JOINT VENTURE
ÿÿÿ CALGARY, June 4 /CNW/ - Petro-Canada with Ultramar Diamond Shamrock said
today that they are continuing to pursue the previously announced joint
venture of the companies' oil refining and marketing businesses in Canada and
the northern United States.
ÿÿÿ The staff of the Competition Bureau of Canada has advised representatives
of Petro-Canada and Ultramar Diamond Shamrock that the joint venture raises
serious concerns under the competition laws of Canada.ÿ However, the Bureau
has indicated that they are willing to consider further information on the
effect and structure of the proposed joint venture and the resulting
efficiencies.ÿ The parties intend to continue to work with the regulatory
authority to attempt to resolve their concerns.
ÿÿÿ As previously announced, the completion of the joint venture transaction
is subject to various conditions including competition law clearance.
ÿÿÿ Petro-Canada is one of Canada's largest oil and gas companies, operating
in both the upstream and the downstream sectors of the industry. Its common
and variable voting shares trade on Canadian exchanges under the symbol PCA,
and its variable voting shares trade on the New York Stock Exchange under the
symbol PCZ.
ÿÿÿ
ÿÿÿ -0-ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 06/04/98
For further information: INVESTOR AND ANALYST ENQUIRIES, John Skelton, Investor Relations, (403) 296-4040, MEDIA AND GENERAL ENQUIRIES, Robert Andras, Corporate Communications, (403) 296-8586 |
