HUSKY <HYO> SETS MEETING TO APPROVE MERGER
Husky Oil Ltd said the board
called a special meeting for April 22 for shareholders to vote
on its previously announced agreement for Hong Kong-based
Hutchison Whampoa Ltd and Hongkong Electric Holdings Ltd to
acquire a 43 pct interest in the company.
    The acquisition requires two-thirds approval by Husky
shareholders other than <Nova, An Alberta Corp>, which owns a
57 pct interest in Husky.
    If approved by shareholders, the amalgamation will take
effect April 30, Husky said.
    Following completion, Oil Term Holdings Ltd, a new company
controlled by Nova, will hold a 43 pct stake in Husky.
Hutchison and Hongkong will indirectly hold 43 pct, Victor T.K.
Li will own nine pct and <Canadian Imperial Bank of Commerce>
will have a five pct interest.
    Husky said a special committee of five outside directors
recommended the board approve the transaction after determining
that the deal was in the best interests of Husky and fair to
shareholders.
    Husky previously announced shareholders will have the
option to receive 11.80 Canadian dlrs cash for each common, or
6.726 dlrs cash and one common share of Oil Term Investment
Ltd, which will be controlled by Nova through Oil Term Holdings
and own an insterest in Husky.
    U.S. shareholders will be restricted to the right to
receive 11.80 Canadian dlrs cash per share, which will be paid
in U.S. funds, the company said.
 Reuter
