Unocal subsidiary offers to purchase Northrock

Unocal Corp. subsidiary Unocal Canada Management Ltd. said last week it will offer to purchase the remaining shares it doesn't already own of Northrock Resources Ltd. Unocal Canada Resources, a partnership held by various Unocal subsidiaries, currently owns 19.8 million shares, or 48%, of Northrock.

May 23rd, 2000


Unocal Corp. subsidiary Unocal Canada Management Ltd. said last week it will offer to purchase the remaining shares it doesn't already own of Northrock Resources Ltd. Unocal Canada Resources, a partnership held by various Unocal subsidiaries, currently owns 19.8 million shares, or 48%, of Northrock. These shares were acquired in May and December 1999.

The subsidiary of El Segundo, Calif.-based Unocal will offer $10.10 (Can.)/share for the remaining 52% or 21.9 million shares of Northrock.

Northrock's board of directors says it's recommending that the company's shareholders accept the previously announced offering. If all of Northrock's 23 million shares were tendered, the value of the offer would be $235 million (Can.).

The offer is contingent on a minimum of 90% of shares not already owned by Unocal being tendered.

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