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TransAlta takeover offer goes unconditional

By Phil Boeyen, ShareChat Business News Editor

Tuesday 26th September 2000

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Natural Gas Corporation says its takeover offer for energy company TransAlta has become unconditional following receipt of the Hutt Mana Energy Trust's acceptance of the offer.

The Trust voted to accept the offer last week. Its acceptance satisfied the remaining takeover condition, which was that NGC needed to get acceptances which allowed it to own at least 90% of TransAlta shares.

NGC already had the approval of the Overseas Investment Commission, which was the other condition of the offer.

Under the deal the Hutt Mana Trust will get 77.8 million new Natural Gas shares in exchange for 36 million TransAlta shares and 15.4 million TransAlta Capital Notes.

By exchanging the shares, NGC's ownership of TransAlta is pushed from 75.8% to 90.4%.

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