Suncor Acquiring Canadian Oil Sands for C$6.6 Billion
Other owners of the Syncrude project are Imperial Oil Resources (25%); Suncor Energy Ventures Partnership (12%); Sinopec Oil Sands Partnership (9.03%); Nexen Oil Sands Partnership (7.23%); Mocal Energy Ltd. (5%); and Murphy Oil Co. (5%). Suncor began its efforts to acquire COS in early October, but met with resistance until its January offer was accepted.
Suncor President and CEO Steve Williams said, “We are pleased to have the support of the COS board of directors and shareholders, including Seymour Schulich, and have been advised of their intent to tender their shares. We believe this transaction delivers excellent value to COS shareholders while maintaining Suncor's commitment to capital discipline, providing both companies’ shareholders with near- and long-term value. Together, we’re bringing this full, fair, and final offer to COS shareholders, and we encourage everyone to tender their shares.”