Canada Development Corp. of Vancouver, winning vast frontier oil and gas acreage, announced agreement yesterday to buy control of Aquitaine Co. Canada Ltd. for $1.194 billion and plans to acquire Texasgulf Inc.'s Canadian assets.
Another Canadian oil and gas concern -- Francana Oil & Gas Ltd. of Calgary, Alberta -- said yesterday it has topped a bid made by an Oklahoma company for Amax Inc.'s 30 percent interest in Adobe Oil & Gas Corp. and that it is "considering" increasing its Adobe stake if the offer is successful.
CDC -- acting through a new subsidiary, CDC Petroleum Inc. -- said it had purchased a 49 percent interest in Aquitaine Canada for $782 million (Canadian) from the Paris-based parent, Societe Nationale Elf Aquitaine.
CDC will purchase the French government agency's other 26 percent interest in Aquitaine for $412 million once it has complied with American takeover laws set out in the Hart-Scott-Rodino Act, CDC said.
In addition, CDC said it will also acquire all Canadian assets of Texasgulf Inc., if Elf Aquitaine is successful in its tender offer for a majority of shares in the huge American-based energy corporation.
Elf Aquitaine, through its subsidiary E.A. Development Inc., has offered to but 63 percent of Texasgulf for $2.5 billion. CDC, 49 percent owned by the federal government, held the remaining 37 percent interest in Texasgulf.
On the Adobe acquisition attempt, Amax and Williams Cos. of Tulsa, Okla., said last week they had reached agreement for Amax to sell its Adobe interest to Williams for about $105 million. That agreement still is subject to approval of the Amax board.
Amax, a diversified natural resources and minerals concern based in Greenwich, Conn., said its board would meet next Thursday to consider both offers.
Williams said the company does not intend to raise its bid for the Adobe interest.
Williams is a fertilizer, energy and metals concern. It said it would buy 4.2 million common and 100,000 convertible preferred Adobe shares from an Amax unit, Amax Petroleum Corp. Eached preferred share is convertible into 1,875 shares of common. The value of the offer would be about $23.86 a common share.
Adobe, based in Midland, Texas, is involved in oil and gas exploration. In 1980, it posted earnings of $21.4 million, or $1.47 a share, on revenues of $154.4 million.
Adobe President B. J. Pevehouse, asked to comment yesterday on Francana's bid, said Adobe "is just waiting to see who wins, and we don't really care. The offers are between Amax and the other company, and we'll just have to wait and see what happens."