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Gold/Mining/Energy : TLM.TSE Talisman Energy -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (458)	9/24/1999 11:02:00 AM
From: Tomas	Respond to of 1713

Talisman succeeds in $1.2-billion offer for Rigel - The Canadian Press, Sept.24 CALGARY (CP) - Talisman Energy Inc. said late Thursday its $1.2-billion bid for Rigel Energy Corp. was a success. Talisman, which launched its offer Aug. 23, said about 55 million common shares were tendered, representing 95 per cent of Rigel. Both firms are based in Calgary. Talisman will acquire the rest of the shares, following the compulsory acquisition provisions of the Canada Business Corporations Act. The takeover, endorsed by Rigel's board of directors, doubles Talisman's gas production in the Peace River Arch - one of the largest oil-bearing formations in Alberta - with expectations to produce 850 million cubic feet per day of gas in Canada next year. In the North Sea, Talisman acquires Rigel's 54 per cent ownership in the 50- to 70-million-barrel Blake oilfield development. The acquisition also adds 8,500 barrels a day to Talisman's central North Sea area, plus exploration opportunities. Analysts are predicting the western oilpatch can expect to see more takeover bids. In August, Calgary-based Poco Petroleum was swallowed up by Burlington Resources of Houston in a friendly offer and in March U.S.-based Dominion Energy bought Calgary's Remington Energy Ltd., a junior oil and gas company, for $50 million. Talisman offered 0.3 Talisman shares and $1 cash for each Rigel share, or a value of $14.84 per Rigel share. On the Toronto stock market Thursday, Talisman shares rose 65 cents to $45.90 while Rigel shares gained 25 cents to $14.80. An aggressive investor pushed Rigel to put itself on the auction block last May. Rigel's stock, 95 per cent controlled by institutional investors, traded in the $23 range in 1993 but didn't see such heights for years, briefly dipping below $6 last March. Talisman has 950 employees, most of them in Canada, while Rigel employs 200. Talisman is the largest independent Canadian oil and gas producer, with operations in Canada, the North Sea, Indonesia and Sudan. Talisman is also exploring in Algeria and Trinidad. southam.com