Two Key Canadian Government Approvals of Dominion
Energy's Offer for Remington
RICHMOND, Va. -- Dominion Energy, Inc. has announced that
its Canadian subsidiary received two key regulatory approvals from the Government
of Canada in connection with its proposed acquisition of Remington Energy, Inc.,
an exploration and production firm headquartered in Calgary, Alberta.
The approvals are required under the Competition Act and
the Investment Canada Act.
An Advanced Ruling Certificate has been issued by the Commissioner
of Competition, Industry Canada. The certificate confirms that the proposed
acquisition does not need additional review by the Competition Bureau.
In addition, Dominion Energy has been advised by the Minister
of Industry that he is satisfied the proposed investment is likely to be of
net benefit to Canada, pursuant to the Investment Canada Act.
The approvals satisfy two of the material conditions to the
offer by Dominion Energy Canada for all outstanding Remington shares. The offer
is scheduled to expire at 9:00 p.m. MST on Monday, March 29, 1999.
Dominion Energy is the natural gas and competitive power
subsidiary of Dominion Resources, Inc. (NYSE:D), an $18 billion holding company
headquartered in Richmond, Va.
