<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 Faith's purchase of
the Husky stake would not result in Husky ceding control to a
non-Canadian 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
Ka-Shing, chairman of Hutchison, and five pct by the Canadian
Imperial Bank of Commerice.
 Reuter
