| Canadian Oil Sands Recommends Staying Independent After Bid | |
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The board has considered a “full range of alternatives against the Suncor offer, including a full or partial sale to other parties, and a royalty financing,” Chairman Don Lowry said in a letter to shareholders on Canada NewsWire. “Independence is, by far, the better decision.” Canadian Oil Sands said last week that the C$4.5 billion ($3.2 billion) bid was “undervalued and opportunistic.” Calgary-based Suncor offered 0.25 of its own shares for each one of Canadian Oil Sands as the company seeks to boost its stake in the Syncrude bitumen mine to 49 percent from 12 percent. More from Bloomberg.com: China Halts Stock Trading After 7% Rout Triggers Circuit Breaker At the start of December, the Alberta Regulators Commission granted an extension to Canadian Oil Sands’ shareholders to allow the company and its board to consider other offers. At the time, it said it had four other “credible parties” sign confidentiality agreements to weigh a bid. No other bid has materialized since then. Canadian Oil Sands “has the financial resources to weather the current downturn,” Lowry said in the letter published Monday. It “has significant inherent value as an independent company.” |
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Suncor Energy is a and oil producing company based in Canada. Suncor Energy holds various exploration projects in Canada. Its main exploration property is SUNCOR OPERATIONS & BASE MINE in Canada. |