Company News: Canadian oil and gas firms continue merger frenzy

05/07/2001
Merger and acquisition activity remains heated among Canadian oil and gas companies.In the latest action:Canadian Superior Energy Inc., Calgary, made an unsolicited $700 million (Can.) bid to merge with Calgary-based Canadian 88 Energy Corp. Canadian Superior is directed by Greg Noval, founder of Canadian 88 and its president until last year.Calgary-based Husky Energy Inc., has agreed to acquire the shares of Avid Oil & Gas Ltd., also of Calgary, that it doesn't already own, for about $93.8 million (Can.).Hurricane Hydrocarbons Ltd., Calgary, called a proposed takeover offer by Central Asian Industrial Holdings NV (CAIH) "ridiculously low" and said it was in shareholders' best int...
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