| Suncor and Canadian Oil Sands to Combine in $4.6 Billion Deal | |
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Suncor Energy Inc. agreed to buy Canadian Oil Sands Ltd. in an all-share deal that values the acquisition at C$6.6 billion ($4.6 billion), including debt. Canadian Oil Sands shareholders will receive 0.28 Suncor share for each share they hold, the companies said in a statement. That’s an increase on Suncor’s hostile offer of 0.25 of its shares. “We are pleased to have the support of the COS Board of Directors and shareholders,” Suncor Chief Executive Officer Steve Williams said in the statement. The deal, which is subject to shareholder and regulatory approval, would increase Suncor’s stake in the Syncrude Canada oil-sands mine and upgrader to 49 percent from 12 percent, making it the largest shareholder. The company is working to lower operating costs at its projects as the industry faces the lowest crude prices in more than a decade. More from Bloomberg.com: Mideast Stocks Plummet as Iran Plans to Boost Crude Exports Suncor’s attempt to take over its Syncrude partner turned hostile in October after Williams approached Canadian Oil Sands’ CEO Ryan Kubik earlier in 2015 with two different offers. A war of words followed, with Kubik arguing that his company was better off independent, while Williams countered that his forecast for the price of oil staying “lower for longer” meant shareholders would be better served owning Suncor shares. The companies resumed talks in the past few days, people with knowledge of the discussions said Sunday. More from Bloomberg.com Read Suncor and Canadian Oil Sands to Combine in $4.6 Billion Deal on bloomberg.com
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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. |