Suncor Energy Inc gets enough support to close its Canadian Oil Sands Ltd acquisition

CALGARY C After months of urging Canadian Oil Sands Ltd. shareholders to tender their shares, Suncor Energy Inc. now has enough support to close its hostile-turned-friendly takeover.

Suncor, the largest integrated oil company in Canada, announced Monday night it has the support of 82.4 percent of COS’s shareholders, which a unique meeting could be held on March 21 to close the acquisition.

Since Suncor controls more than two-thirds of COS shares, “it is within a situation to guarantee the successful outcome of the shareholder vote” and can close its purchase of COS next month, the company said.

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Suncor took it’s all-share offer directly to COS shareholders in October, which began a war of words with COS’s management and board. In the end, COS management and something of the company’s largest shareholders, billionaire Seymour Schulich, agreed to an amended deal in January.

The deal will add 128,000 barrels of daily oil production to Suncor’s output and will make Suncor the biggest member of the joint-venture that owns Syncrude Canada Ltd.

Financial Post

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