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Trans Alta takeover moves forward

By Phil Boeyen, ShareChat Business News Editor

Wednesday 6th September 2000

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Natural Gas Corporation has moved a step closer to full ownership of electricity company TransAlta.

NCH says it has formally issued a notice of its intention to make an offer to acquire the TransAlta shares held by minority shareholders.

The company intends to make an offer for all of the ordinary shares of TransAlta, other than those already held by NCH, on or about September 20th. The offer is conditional on NGC holding or being entitled to hold 90% of all shares in TransAlta, as well as on the consent of the Overseas Investment Commission.

Natural Gas says proceeding with the takeover remains subject to prior acceptance of the offer by Hutt Mana Energy Trust, which has a 14.6% stake in TransAlta and is currently conducting a programme of public consultation with its beneficiaries.

The issuing of the notice is a statutory requirement in the proposed takeover process.

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