Alberta Energy takes control of Conwest Expl.

With 94% of the common shares of Conwest Exploration (TSE) tendered, oil and gas producer Alberta Energy (TSE) has completed its friendly takeover bid for the company.

Conwest shareholders elected to receive cash for 47% of the shares they tendered.

Alberta Energy had placed a ceiling of 40% on its cash offer, so the remaining 7% will be paid in shares at the bid offer of 1.25 Alberta Energy shares for each common share of Conwest.

The companies had already announced that Conwest’s remaining assets outside the oil and gas industry would be placed in a subsidiary company for ultimate sale.

This includes the Nanisivik mine on Baffin Island, N.W.T., the Half Mile Lake property in New Brunswick, and substantial equity interests in several mining companies.