Winnipeg Free Press

Winnipeg Free Press (Newspaper) - June 24, 1997, Winnipeg, Manitoba Winnipeg free june 1997 b5 Oil pipeline proposed Calgary up two Energy companies want to build a million pipeline to serve Oil Sands and heavy Oil producers in northeastern Alberta Energy and husky Oil have put their proposal for a 552kilometre pipeline before the Alberta Energy and utilities Board for the pipeline would link production in fort Mcmurray and cold Lake to the Edmonton it would also link the husky pipeline serving the a provincial upgrade and the husky refinery at Lloydminster and the major pipeline Hub at adm changes guard a James Archer Daniels Midland who oversaw the company during a Federal Price fixing will retire next week after a 22year Randall will be replaced As president by Allen Nephew of company chairman Dwayne Allen Andreas previously succeeded his Uncle As chief full steam ahead Montreal up up ships plans to steam ahead with its takeover of a bankrupt american shipping even though some of the ships will lose their government president Ray Miles said yester Day he was surprised and disappointed by a regulators decision to Cut off million us a year in Federal subsidies to Lykes steamship of Deal at dehavilland Toronto up de Havilland and the Canadian Auto workers Union reached a tentative three year Deal averting a strike by the workers at the aircraft manufacturing facility were set to walk out at 10 they will vote on the new contract business watch bid for Pennzoil new York a Union Pacific resources group is making an unsolicited billion bid for rival Energy producer Pennzoil Pennzoil said yester Day its Board would study the Union Pacific the largest Independent Oil and Gas said its experience would enable Pennzoil to grow faster than it could on its the Conrail plan Washington a rail carriers Cox and Norfolk Southern sought Federal approval yesterday for their billion plan to carve up Conrail and reshape the Railroad the companies expect to recover their investment by cutting costs and increasing the takeover of Conrail would let both companies reach lucrative North Eastern and the carriers Hope to capture some of the freight traffic that now moves by network in View new York a Rupert Murdoch and cables telecommunications Are teaming up with Cablevision systems to form a new National sports net work to rival the companies announced yesterday that a joint venture of Sci and Mur docs news will buy 40 per cent of Cablevision sports assets for they include the new York kicks and rangers As Well As eight regional sports Chan those assets will be combined with nine regional sports channels and regional sports systems affiliated with they will be used to assemble a network with coast coast Canadian Bonds lure foreign buyers Canadian press Ottawa foreigners bought billion in Canadian Bonds in their largest investment since july statistics Canada reported this came after foreign investors sold off billion in Canadian Bonds in net foreign purchases of Canadian securities in april totalled the bulk of the april Bond purchases were in Federal government issues with most of the balance going into new net issues new issues less nonresidents sold off billion in Federal Treasury Bills in april after three months of they sold billion in Canadian stocks in the first f 8 6 4 2 0 2 4 6 j 1 investment in Canadian billions g i 1 1 Iii 1 ii 1996 j97 a includes and Money Market up three months of the Canadian purchases of foreign securities totalled million in the lowest level in 10 this was Well below the billion monthly average Over the previous nine please support the top of Tup til Mil of Oil As a you can improve positioning and readership of your advertising message by advertising on the top of the classified pages for More information Call Dolly Ken the 43 annual meeting of Templeton growth july pm Manitoba Centennial concert Hall simulcast live from Toronto and Vancouver keynote speakers Donald Mark Hob Kiviko ii jul Mark special guest speaker sir John i rail founder of die ii ill be in 11 in Nippy 10 Gin ii Bruij prior to the Templeton in to Abtil shareholders reject Blacks Southam bid by Rob Ferguson Canadian press Toronto Conrad Blacks bid for full ownership of news paper publisher Southam went Down to defeat a million offer of Cash and Stock from Blacks Hollinger failed to persuade enough Southam shareholders to sell their piece of the country largest newspaper Black was disappointed but pleased investors like the Stock enough to keep it in Hopes it increases in said Hollinger Vic president Peter its not the end of the he said after a meeting of Southam share Black did not attend the meeting but Atkinson spoke to him by Southam shareholders who Are hold ing out for a higher offer hold their Atkinson you cant Rule out any future of but theres nothing i Hollinger offered Cash per Southam share plus a share in a subsidiary company called Hollinger Canadian publishing holdings convertible into a Hollinger share in three that share was valued at Hollinger now owns per cent of which publishes 33 daily newspapers across Black wanted the remaining stake to take the company private and get Access to its substantial Cash he needed two thirds of the 39 Mil lion shares Hollinger did not already but just six million were tendered by the bids failure didst come As a Hollinger had delayed the vote by seven hours yesterday in Hopes More Southam shareholders would tender their Stock by late some analysts have said the bid was up photo Atkinson right listens to frustrated too several Mutual funds holding about 15 million shares said they want to keep the Stock or get a higher Price from Hollinger because they expect it to Rise in value As profitability improves in the newspaper Indus Southam shares closed at on yesterday on the Toronto Stock up 20 the Stock has traded As Low As in the last 52 Atkinson blamed the Media including the financial owned 20 per cent by Hollinger but controlled by Sun Media for helping to scuttle the Deal by repeating the con Cerns of analysts and Mutual you chose to interview those who wanted to proclaim that we were done like he told one open minister claims Price slide merely a seasonal phenomenon associated press Austria open has watched the Price of crude Oil slide sharply in recent but two Oil ministers insisted yester Day they Arent too open is now getting less than us a barrel for its crude Well below its target Price of us and a painful plunge from the us it was getting late last Erwin the Oil minister from widely believed to be the cartels biggest said the recent decline was a seasonal phenomenon that would Correct itself in coming the minister from the United Arab Obaid bin Saif said the Price was a but he added that it had not fallen too Oil prices traditionally Are lower at this time of and analysts say open is not helping matters by producing some 27 million barrels a compared with its official ceiling of just Over 25 million Venezuela has for some time been named by Independent analysts As the groups biggest though most of the other members Are also believed to be pumping More Oil than they As ministers began arriving for tomorrows meeting of the 11nation organization of Petroleum exporting they had Little to apparently hoping they can get through the session without upsetting Energy mar theres Little Point in trying to lower the production ceiling to push up prices because individual members Are cheating on their quotas and the Price of Oil has held firmer than some analysts had predicted in the giving the cheaters Little incentive to slash shareholders who still want to sell their Stock to Hollinger can do so Over the next couple of Atkinson one analyst said Black could still attempt a creeping slowly buying up outstanding or raise southerns dividends to put extra Cash in Hollinger that would be Good for All share said Benoit Dube of Credif Nance securities in he noted southerns dividend yield of per cent is Low compared with other companies in the newspaper the yield from to Star Stock is per shares in Thom son yield per cent and Hollinger yield is per Atkinson said any dividend increase is up to the Board of hang out with some world can nothing connects you like you can make f a difference Hunt Ngoh society i Huntin tons w Canada i disease i for a luxury it goes at quite a rate 1997 Cadillac d 1997 Deville the 97 Cadillac make tin investment in your Mill most of lbs n limited Mac lease rates have made this classic seitan surprisingly easy to who says Llie Lustre is off precious 499 per 36 months smart lease Iasi Rah Gaud her inv c Home of the big buy 204 6971400 Cadillac caught motors i x i you should know tote Tor a 19u7 Cadillac Deville Isa equipped As desc bed based on a ii Mouth Smai Llease Mill Nui mom payment 01 equivalent hade of and Clu Abie Security Deposit annual Lunil 08 per tin Cess Kil Melfe and axes Aie not included Security Deposit Leuned Dollci applies to new 01 models dealer Tidei 01 bade May de necessary dealer May Lui less Zolleis apply to qualified Lelaila Sistu Inicis Only 1a c limited tune Ollie May not be combined 01 used Imelli Oitim Zolleis see iut Deal i Loi details no Jia Iye Ley Laily studded Coveny inspection Sci vice us certain items apply see dealer Lui details ;