MERGERS & ACQUISITIONS / TCPL Shareholders Approve Merger
TRANSCANADA SHAREHOLDERS APPROVE PROPOSED MERGER
ÿÿÿ CALGARY, June 29 /CNW/ - TransCanada PipeLines Limited announced today
that its proposed merger with NOVA Corporation was approved at TransCanada's
annual and special meeting in Calgary by a vote of 99.90 per cent of those
shareholders voting in person or by proxy at the meeting.
ÿÿÿ The results are well above the two-thirds majority required by the plan
of arrangement, under which the two companies will be merged and NOVA's
chemicals business split off as a separate public company from the energy
services business.
ÿÿÿ ''We're delighted the proposed merger has been approved by our
shareholders,'' said George Watson, president and chief executive officer of
TransCanada.ÿ ''The next - and final - step is to apply to the Court of
Queen's Bench and if the court approves the deal, we expect to close the
transaction effective July 2, 1998.''
ÿÿÿ At NOVA's annual and special meeting earlier in the day, some 99.89 per
cent of NOVA shares represented at the meeting were voted in favour of the
merger.
ÿÿÿ TransCanada PipeLines Limited is one of North America's leading energy
services companies. TransCanada manages its Cdn$15 billion asset base to
provide integrated energy transmission, energy marketing and energy processing
solutions to customers in North America and, to an increasing degree,
internationally. Common shares trade under the symbol TRP, primarily on the
Toronto, Montr‚al and New York stock exchanges.
ÿÿÿ Visit TransCanada's website at:ÿ transcanada.com
ÿÿÿ -0-ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 06/29/98
For further information: David Annesley, (403) 267-8525, Public Affairs Department
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