<?xml version="1.0"?>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="5700" NEWID="157">
 <DATE>26-FEB-1987 17:38:47.04</DATE>
 <TOPICS>
  <D>acq</D>
 </TOPICS>
 <PLACES>
  <D>canada</D>
 </PLACES>
 <PEOPLE/>
 <ORGS/>
 <EXCHANGES/>
 <COMPANIES/>
 <UNKNOWN>F E
   f0214 reute
d f BC-&lt;NOVA&gt;-WINS-GOVERNMEN   02-26 0106</UNKNOWN>
 <TEXT>
  <TITLE>&lt;NOVA&gt; WINS GOVERNMENT OKAY FOR HUSKY &lt;HYO&gt; DEAL</TITLE>
  <DATELINE>CALGARY, Alberta, Feb 26 -</DATELINE>
  <BODY>Nova, the Canadian company that
owns 56 pct of Husky Oil Ltd, said it received government
approval for a transaction under which &lt;Union Faith Canada
Holding Ltd&gt; would buy a 43 pct stake in Husky.
    Nova said the Minister of Regional and Industrial
Expansion, Michel Cote, ruled that Union Faith&apos;s purchase of
the Husky stake would not result in Husky ceding control to a
non-Canadian company. It said this ruling was a key condition
in completing the deal.
    Union Faith is equally owned by &lt;Hutchison Whampoa Ltd&gt; and
&lt;Hong Kong Electric Holdings Ltd&gt;.
    Under the agreement with Union Faith, Husky will become a
private company with Union Faith and Nova each holding 43 pct
of its stock.
    Nine pct of Husky would be owned by relatives of Li
Ka-Shing, chairman of Hutchison, and five pct by the Canadian
Imperial Bank of Commerice.
 Reuter</BODY>
 </TEXT>
</REUTERS>
