Canadian Oil Sands Ltd will disappear from TSX Wednesday after Suncor takeover approved

Canadian Oil Sands Ltd. will be integrated immediately into Suncor Energy Inc. after minority shareholders voted in support of the takeover.

The largest who owns the Syncrude oil sands mine will be delisted from the Toronto stock exchange on Wednesday following a vote on Monday. Suncor presently has to find ways to reduce operating costs and share some operations using its other oil-sands sites, said Steve Reynish, Suncor’s v . p . of strategy. Imperial Oil Ltd. operates the Syncrude venture.

“The operator has already done a good job of a little costs from the system and that we think there’s more room to choose that,” Reynish said in a briefing following the meeting that lasted 15 minutes. “We’re very pleased with Imperial because the operator.” 

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Suncor succeeded in winning over resistant Canadian Oil Sands management and shareholders after sweetening its offer earlier this year, carrying out a war of words between the companies over the fate of Syncrude. Suncor made two offers before a hostile bid in October and finally secured Canadian Oil Sands management’s green light for the takeover in January.

Suncor paid Canadian Oil Sands shareholders 0.28 Suncor shares for each from the target. Canada’s largest oil producer by market value owned 84 per cent of Canadian Oil Sands shares at the beginning of the meeting.

“There are lots of opportunities developing the friendly side” for more takeovers, Reynish said, declining to provide any details or possible targets.

Bloomberg.com