Abu Dhabi company buys PrimeWest Energy Trust for $5B

mahatmakanejeeves

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Tue Sep-25-07 11:25 AM
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Abu Dhabi company buys PrimeWest Energy Trust for $5B

That's $5 billion Canadian, but it might as well be $5 billion US.

Abu Dhabi company buys PrimeWest Energy Trust for $5B

Gee whiz, those folks in Abu Dhabi just picked up a 7.5% stake in the Carlyle Group. What's next?

Abu Dhabi company buys PrimeWest Energy Trust for $5B
Last Updated: Monday, September 24, 2007 | 6:19 PM ET
CBC News

Calgary-based PrimeWest Energy Trust has agreed to sell the company to subsidiaries of Abu Dhabi's state-owned energy company in a deal worth $5 billion.

Abu Dhabi National Energy Co. (TAQA) is offering $26.75 per unit for PrimeWest. That's a 34 per cent premium to the $19.94 closing price of the units on Friday.

PrimeWest Energy Trust three-month trading
Units of PrimeWest soared more than 31 per cent in Monday trading — jumping $6.37 to close at $26.31 on the TSX.

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