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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: SofaSpud who wrote (11635)	7/7/1998 10:06:00 PM
From: Kerm Yerman	Read Replies (6) \| Respond to of 15196

ACQUISITIONS - MERGERS / Husky Oil Limited Acquires Mohawk Canada Ltd. CALGARY, July 7 /CNW/ - Husky Oil Limited (Husky) today announced that 1,082,500 employee participation shares, being 98.8 per cent of the total issued and outstanding employee participation shares of Mohawk Canada Limited (Mohawk), for which the offer was made, were tendered prior to the expiration of the outstanding offer by its subsidiary HB Acquisition Inc. (HB) to purchase all such employee participation shares as set forth in the Offer to Purchase and Director's Circular dated June 3, 1998 (the ''Offer''). The other shareholder of HB is BEL Acquisition Inc. (BAI), a subsidiary of Balaclava Enterprises Ltd. In accordance with the terms of the Offer, HB provided notice to Montreal Trust Company of Canada to take up and pay for all of the employee participation shares of Mohawk deposited in acceptance of the Offer. Upon the take up and pay and acquisition of the common shares of BAI, HB will own 98.2 per cent of the issued and outstanding common shares of Mohawk on a fully diluted basis and 98.8 per cent of the issued and outstanding employee participation shares. As a result, HB will be implementing the compulsory acquisition provisions of the Canada Business Corporations Act and HB will not be required to extend either offer in respect of the remaining common shares or employee participation shares of Mohawk not deposited. Husky Oil Limited is a Canadian-based integrated oil and gas company headquartered in Calgary, Alberta. The company's operations include the exploration for and development of crude oil and natural gas, as well as the production, purchase, transportation, upgrading, refining and marketing of crude oil, natural gas, natural gas liquids, sulphur and petroleum coke, and the marketing of refined petroleum products, including asphalt. Balaclava Enterprises Ltd. is a private management holding company incorporated under the laws of British Columbia. Through subsidiaries it is active in the environmental services and recreation industries in British Columbia and in the real estate industry in Washington and Oregon. Balaclava also has investments in the sugar refining and natural resource industries.