Suncor Energy wins 73% Canadian Oil Sands shares, declaring takeover a done deal

CALGARY – Suncor Energy has announced that just about 73 per cent of Canadian Oil Sands shares and accompanying rights have been tendered to Suncor’s offer.

Suncor officials asserted consequently, the organization will be able to make sure that a subsequent acquisition transaction will be completed and Suncor (TSX:SU) will acquire the remainder of the outstanding COS shares.

In mid-January, COS (TSX:COS) accepted a sweetened takeover offer from Suncor Energy because the market outlook for oilsands producers deteriorates.

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The deal drew to some close a bitter takeover battle that pitted a couple within the massive Syncrude oilsands mine against one another.

Suncor offered to exchange 0.28 of one of its shares for every COS share — up from 0.25 of a Suncor share per COS share.

Steve Williams, Suncor president and ceo, said these were pleased with the strong level of support from COS shareholders.

“From the outset, we’ve discussed the superb value this offer creates for both COS and Suncor shareholders and I’m looking forward to delivering with that commitment.”

Suncor has extended its offer to Feb. 22 but has said further extensions beyond that aren’t anticipated.

The development makes Suncor the largest shareholder in the Syncrude oilsands complex north of Fort McMurray, Alta., that is operated by Imperial Oil (TSX:IMO).