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Shawcor LTD. Announces Termination of Agreement to Purchase Garneau Inc.

Published on 2006-10-09. Author : SpecialChem

SHAWCOR LTD. (TSX: SCL.A, SCL.B) announced that ShawCor and Garneau Inc. have terminated the Arrangement Agreement pursuant to which ShawCor Ltd. was to have acquired Garneau Inc. As a result, the proposed acquisition will not proceed.

The originally scheduled closing in late May was delayed pending a review by the Competition Bureau. The decision not to proceed is based on the inability of the parties to resolve outstanding issues and the prospect of further delays.

Source: ShawCor Ltd.

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