TRANSCANADA <TRP> DENIES REPORTS OF NEW BID
TransCanada PipeLines Ltd denied
reports that it raised its offer for Dome Petroleum Ltd <DMP>
to 5.5 billion Canadian dlrs from 4.3 billion.
    A report on the Canadian Broadcasting Corp (CBC) late last
night said TransCanada's new bid was rejected by Dome, which
has accepted a 5.1 billion dlr bid from Amoco Corp <AN>.
    "We still want to acquire Dome's assets and are prepared to
negotiate. However, we have not presented a new proposal to the
company since April 16 and Dome has refused to negotiate with
TransCanada since that date," said TransCanada president Gerald
Maier.
    TransCanada said its proposal consists of two parts -- 4.5
billion dlrs in cash and securities and one billion dlrs of
payments to creditors based on future profits.
    Last week, TransCanada valued the first part of its offer
at 4.3 billion dlrs, but a spokesman today said the company
increased the estimated value of that part to 4.5 billion dlrs
after the recent gain in Dome's stock.
    Dome was halted today on the Toronto Stock Exchange pending
clarification of TransCanada's offer. It last traded at 1.70
dlrs per share. Two weeks ago, before TransCanada's offer, Dome
traded at about 1.10 dlrs per share.
 Reuter
