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Calgary Sun: Shell names directors

Sat, October 28, 2006
UPDATED: 2006-10-28 01:27:53 MST
By CP
 
Shell Canada Ltd. has added two blue-chip appointees to its board of directors as it contemplates being taken over by its international parent company.

The integrated oil producer and gasoline retailer said yesterday it is expanding its board to 12 directors with the addition of Louise Frechette, a former senior federal bureaucrat and diplomat who was deputy secretary general of the UN from 1998 until this year, and David Galloway, chairman of Bank of Montreal and former CEO of Torstar Corp.

The announcement came four days after global energy giant Royal Dutch Shell PLC said it intends to pay $7.7 billion — $40 per share — for the 22% of Shell Canada it does not already own.

The offer is conditional on acceptance by owners of at least half of he minority shares, and Shell Canada’s board has appointed a special committee to develop a recommendation to stockholders.

Shell Canada stock has been above the offer price since Royal Dutch Shell presented its proposal Monday, indicating market players expect the bid to be sweetened.

Shell Canada shares finished at $42.85 yesterday, off six cents on the day but up from $32.80 before the offer.

Appointing the new independent directors “further strengthens Shell Canada’s corporate governance structure,” the company stated.

It added its directors “took the decision to increase the size of the board some time ago and the appointment of Louise Frechette and David Galloway follows a process which lasted several months.”

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