Canadian Oil Sands board to review Suncor’s unsolicited takeover offer

The board of Canadian Oil Sand Ltd. (COS) reported it will review the unsolicited takeover offer made Oct. 5 by Suncor Energy Inc., Calgary. Suncor’s offer to acquire all the outstanding shares of COS is valued at $4.3 billion (Can.).

Under the offer’s terms, each COSL shareholder would receive 0.25 of a share of Suncor for every share of COS, Suncor reported.

COS urged its shareholders “not to take any action or make any decision with regard to the Suncor offer until the board has had an opportunity to fully review the Suncor offer and to make a recommendation as to its merits.”

Steve Williams, Suncor president and chief executive officer, called his company’s offer a “financially compelling opportunity” for COS shareholders.

COS holds a 36.74% interest in the Syncrude project, the largest producer of light, sweet synthetic oil from Canada’s oil sands.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...