CALGARY C After months of urging Canadian Oil Sands Ltd. shareholders to tender their shares, Suncor Energy Inc. presently has enough support to close its hostile-turned-friendly takeover.
Suncor, the largest integrated oil company in Canada, announced Monday night that it has the support of 82.4 percent of COS’s shareholders, and that a unique meeting could be held on March 21 to shut the acquisition.
Since Suncor controls a lot more than two-thirds of COS shares, “it is in a situation to guarantee the successful results of the shareholder vote” and can close its acquisition of COS next month, the company said.
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Suncor took it’s all-share offer directly to COS shareholders in October, which began a war of words with COS’s management and board. In the end, COS management and one of the company’s largest shareholders, billionaire Seymour Schulich, agreed to an amended offer January.
The deal will add 128,000 barrels of daily oil production to Suncor’s output and can make Suncor the largest member of the joint-venture that owns Syncrude Canada Ltd.
Financial Post
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