Investing.com - Financial Markets Worldwide

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
CL
-
COS
-
SU
-

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.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.