Gulf Canada-Crestar tops Canadian M&A frenzy

Canadian oil and gas companies again demand the company news spotlight, as firms continue to be active in mergers, acquisitions, and asset divestments.Gulf Canada Resources Ltd., Calgary, agreed to acquire Crestar Energy Inc., also of Calgary, in a stock transaction valued at $2.3 billion (Can.). The acquisition-which includes the assumption of $565 million in Crestar net debt after option proceeds-will give Gulf spots among the top five independent Canadian producers and the top ten independent producers in North America.Talisman Energy Inc., Calgary, acquired the Central Foothills gas gathering and the Columbia Minehead gas gathering systems from units of TransCanada PipeLines Ltd. (TCP...

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