Which two Canadian oil companies are merging in a 15 billion dollar deal?
Two of Canada’s oil and gas companies on Monday announced plans to weather the current economic storm by merging into a new company with a combined market capitalization of 43.3 billion Canadian dollars (34.6 billion U.S. dollars). Suncor Energy Inc. and Petro-Canada will merge into one of the country’s largest oil and gas companies, which will operate and trade under the Suncor name with existing Suncor shareholders holding 60 percent stake in the venture. “This merger creates a made-in-Canada energy leader with the assets, cost structure and financial strength to compete globally,” said Rick George, president and chief executive officer of Suncor. He will assume the same role in the merged entity. The new company will have a resource base of approximately 7.5 billion barrels of oil in proved or probable reserves and an estimated resource base of about 19 billion barrels more. The deal, which is subject to regulatory and shareholder approval, is slated to close in the third quarter of
AREA CLIENTILogin Agenzia Italia chi siamo Contattaci Home Cronaca Economia Politica Estero Spettacolo Sport SALUTE Food R&S English news Thursday, March 26, 2009 h. : Direttore Responsabile: Giuliano De Risi Rss feed OIL: SUNCOR ACQUIRES PETRO-CANADA FOR 15 BLN DOLLARS Print Print Send this article Send this article (AGI) – Calgary, 23 Mar. Canada’s second oil company Suncor Energy has reached an agreement on the acquisition through an exchange of shares of its rival Petro-Canada for 18.43 billion Canadian dollars (14.86 billion US dollars). The new group will be specialized in the extraction of tar sands. The 15 billion dollars represent a 28pct bonus on the closing price of Petro-Canada. After the operation Suncor shareholders will control 60pct of the new company and Petro-Canada shareholders 40pct. Each Petro-Canada shareholder will receive 1.28 shares of the new company, Suncor shareholders one. The new company expects to cut costs by 300 million dollars. Sources:
OIL: SUNCOR ACQUIRES PETRO-CANADA FOR 15 BLN DOLLARS (AGI) – Calgary, 23 Mar. Canada’s second oil company Suncor Energy has reached an agreement on the acquisition through an exchange of shares of its rival Petro-Canada for 18.43 billion Canadian dollars (14.86 billion US dollars). The new group will be specialized in the extraction of tar sands. The 15 billion dollars represent a 28pct bonus on the closing price of Petro-Canada. After the operation Suncor shareholders will control 60pct of the new company and Petro-Canada shareholders 40pct. Each Petro-Canada shareholder will receive 1.28 shares of the new company, Suncor shareholders one. The new company expects to cut costs by 300 million dollars. http://www.agi.it/business/news/200903231557-ene-ren0036-art.html Sources: http://www.agi.it/business/ne
