TransAlta becomes largest power retailer in New Zealand

Article Abstract:

TransAlta Corp. has become New Zealand's biggest electricity retailer through its TransAlta New Zealand Ltd.'s acquisition of the electricity retailing unit of Southpower Ltd. of Christchurch, New Zealand for an undisclosed sum. The acquisition of the 160,000 clients of Southpower gives TransAlta 300,000 clients in New Zealand, or approximately 20% of the country's total retail electricity market. In addition, the deal between Southpower and TransAlta New Zealand, which is two-thirds owned by TransAlta Corp., will double the 1999 sales of TransAlta in New Zealand to over NZ$600 million.

Comment:

Acquires the electricity retailing unit of Southpower Ltd of Christchurch for an undisclosed sum

Electric Power Distribution, New Zealand, Electric Power Sales, Electric utilities, TransAlta Corp., Southpower Ltd., TransAlta New Zealand Ltd.

Amoco, BP plan $48-billion merger

Article Abstract:

British Petroleum Co. PLC (BP) is purchasing Amoco Corp. of the US for $48 billion in stock under a deal dubbed as the largest industrial merger to date, creating a new firm called BP Amoco PLC. In the agreement, BP will also own Amoco's debt, which amounted to C$4.9 billion as of Mar. 31, 1998. The merger is the biggest in the history of the oil sector, resulting in a company with an aggregate 1997 revenue of $108 billion and a total profit of $5.2 billion. The new company's stock will be owned 40% by Amoco shareholders, while the 60% will be held by BP shareholders.

Comment:

To be purchased by British Petroleum for $48 bil, creating new firm called BP Amoco PLC

United Kingdom, United States, Foreign operations, Organizational history, Petroleum, Petroleum and Coal Products Manufacturing, British Petroleum Company PLC, BP PLC, Amoco Corp.

Merger makes sense to coal rivals

Article Abstract:

Luscar Ltd. is in agreement with hostile takeover target Manalta Coal Ltd. over the positive aspects of a potential consolidation between the two companies. A successful merger would produce the sixth-biggest North American coal producer and the largest Canadian coal producer. It would generate 41.1 million tons of coal per year which is equivalent to 45.3 million short tons when compared to US producers. Manalta spokesman John Taylor noted that the Manalta president will only accept Luscar's bid if it is fair to Manalta receipt holders.

Comment:

Is in agreement with hostile takeover target Manalta Coal Ltd. over the positive aspects of a potential consolidation

Canada, Coal, Coal Mining, Manalta Coal Ltd., Luscar Ltd.