UTS Energy shares surge 64% in Toronto

Shares of UTS Energy /quotes/comstock/11t!uts (CA:UTS 3.45, +1.34, +63.51%) soared 63.5% Wednesday on the Toronto Exchange. UTS Energy, an oil sands company, agreed to be purchased by Total E&P Canada for $3.08 a share, or C$1.5 billion, plus shares in a new public exploration and development company. The deal gives Total SA /quotes/comstock/11t!tot (CA:TOT 7.99, +0.09, +1.14%) /quotes/comstock/13*!tot/quotes/nls/tot (TOT 46.87, +0.94, +2.05%) the main asset of UTS - a 20% stake in the Fort Hills oil sands project. Total bid last year to acquire UTS but its offer was rejected. This time, UTS' assets other than the Fort Hills stake would be hived off into a newly formed company, Total said. Total also said it would get C$335 million in cash, currently held by UTS, as part of the deal.

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- Posted: 2010-07-07 11:49:50

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