Aug 19, 2008 4:40:00 PM MSTShell Canada gets regulatory approvals for its $5 billion takeover of Duvernay Oil Corp. (Shell-Duvernay)
CALGARY _ Shell Canada Ltd., a wholly owned subsidiary of Royal Dutch Shell plc, says it has received Canadian regulatory approvals for its $5 billion deal to buy Duvernay Oil Corp. (TSX:DDV), a Calgary-based natural gas producer.Shell announced late Tuesday it had gotten approval from the Minister of Industry under the Investment Canada Act for its acquisition of Duvernay Oil/Shell said that in approving the deal, the government "determined that the transaction is likely to be of net benefit to Canada for purposes of the Investment Canada Act."The oil giant also said the Commissioner of Competition under the federal Competition Act had granted Shell Canada an advance ruling certificate that says the deal clears competition hurdles.As a result of the two rulings, Shell Canada has now received all necessary Canadian regulatory approvals to proceed with the acquisition of Duvernay.The $83 a share offer for Duvernay was announced in mid-July and expires Aug. 22.Duvernay has major natural gas properties in the Montney area of northeastern British Columbia and northwestern Alberta and generated record output of 25,584 barrels of daily oil equivalent production in the latest quarter.
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