Suncor to Buy Petro-Canada for About C$17 Billion

Suncor Energy Inc., the world’s second-largest oil-sands producer, agreed to buy Petro-Canada for about C$17 billion ($14 billion) to gain assets in the North Sea, North Africa and Latin America.

Owners of Petro-Canada will receive 1.28 shares in the new company for each of their shares while Suncor holders will get one share for each held, the Calgary-based companies said today in a statement. The combination will create Canada’s largest energy company and is priced approximately 25 percent above Petro-Canada’s 30-day weighted-average trading level.

Read Full Article from Bloomberg

- Posted: 2009-03-23 07:57:49

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