Amadeusz Juskowiak

nova wins government okay for husky hyo deal

Nova the Canadian company that owns 56 pct of Husky Oil Ltd said it received government approval for a transaction under which Union Faith Canada Holding Ltd would buy a 43 pct stake in Husky

Nova said the Minister of Regional and Industrial Expansion Michel Cote ruled that Union Faiths purchase of the Husky stake would not result in Husky ceding control to a nonCanadian company It said this ruling was a key condition in completing the deal

Union Faith is equally owned by Hutchison Whampoa Ltd and Hong Kong Electric Holdings Ltd

Under the agreement with Union Faith Husky will become a private company with Union Faith and Nova each holding 43 pct of its stock

Nine pct of Husky would be owned by relatives of Li KaShing chairman of Hutchison and five pct by the Canadian Imperial Bank of Commerice