PanCanadian and AEC Get Green Light
AEC and PanCanadian announced that the statutory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ended on March 18, 2002, without inquiry by the U.S. Federal Trade Commission or the U.S. Department of Justice. The statutory waiting period commenced on February 15, 2002, after each of AEC and PanCanadian filed notices of their proposed merger.
"This is another important step forward in the creation of EnCana Corporation," said AEC's President and Chief Executive Officer, Gwyn Morgan. "We are very pleased to have met this pre-merger condition." Michael Grandin, President of PanCanadian, added, "With the waiting period now expired under this U.S. legislation, we look forward to the voting results from the two meetings of securityholders on April 4th and the satisfaction of the other pre-merger conditions."
The AEC and PanCanadian boards of directors have unanimously approved the proposed merger and recommend that their respective shareholders and, in the case of AEC, its optionholders, vote in favor of the transaction.