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Suncor hopes to raise bid for Canadian Oil Sands -WSJ

Published 2016-01-17, 08:32 p/m
© Reuters. Suncor hopes to raise bid for Canadian Oil Sands -WSJ
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NEW YORK, Jan 17 (Reuters) - Suncor Energy Inc SU.TO is
working to raise its all-stock offer for rival Canadian Oil
Sands Ltd COS.TO and a deal could be announced as early as
Monday, the Wall Street Journal said, citing a source familiar
with the situation.
The two Canadian companies have been working on a revised
bid since Friday, the Wall Street Journal said on Sunday, citing
the source, who said talks were still ongoing.
Terms of the potential revised offer could not be learned,
the newspaper said.
Suncor is offering Canadian Oil Sands shareholders 0.25 of a
Suncor share for each COS share they hold, valuing the target
company at C$4.03 billion ($2.84 billion).
At the beginning of last week Suncor had received more than
40 percent of the votes in favor of its bid for Canadian Oil
Sands, a source familiar with the situation told Reuters.

The extension of the bid indicated Suncor is confident that
it can swing the rest of the votes in its favor. It was not
clear, though, if it can do so without increasing the bid,
Reuters said last week.
Suncor bid for Canadian Oil Sands in October and later
extended the bid until Jan. 8. Suncor said on Friday it has
extended its hostile bid for Canadian Oil Sands until Jan. 27.
Canadian Oil Sands has a 36.7 percent stake in Syncrude, the
oil-sands mining consortium in northern Alberta that is Canada's
largest single source of crude oil.

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