The great canadian oil sands project in 1967 suncor energy. Suncor is offering to exchange onequarter of its shares for each canadian oil sands share, a bid it valued at 4. Remember, all but about five billion barrels of canadian crude is from the oil sands, now representing 97% of canadian reserves and about half of total production. Canadian oil sands limited was a canadian company that generates income from its oil sands. Suncors hostile takeover battle for canadian oil sands cos has.
Suncor extends takeover offer for canadian oil sands cbc. Suncor was founded in 1919 in montreal as sun company of canada, a subsidiary of sun oil now sunoco. In 1910 the canadian government made this term official when it. Calgary, march 21, 2016 cnw suncor and canadian oil sands limited cos announced today that suncor s acquisition of cos has been completed following shareholder approval of an amalgamation.
Even without a takeover, investors might be attracted by low price and longlife reserves. In 1979, sun formed suncor by merging its canadian refining and retailing interests. Will suncors hostile takeover of canadian oil sands succeed. Jan 18, 2016 with the takeover, suncors 12percent stake in syncrude the oilsands mining consortium in northern alberta in which canadian oil sands has a 36.
The hostile takeover offer announced by suncor for canadian oil sands ltd. Suncor ranks number 4 in the forbes global 2000 list until 2010, suncor marketed products and services to retail customers in ontario through a downstream network of 280 companyowned, and 200 customeroperated retail and diesel fuel sites. May 11, 2017 suncor is looking for an oil sands deal companies have been shedding their oil sands assets, and this canadian oil giant is looking to scoop up a cheap deal. Suncor ceo says takeover bid for canadian oil sands is sweet. Social sharing things got a little more interesting today in canadas tightknit oilpatch. Under his leadership, suncor used a combination of historically low interest rates and the oil price crash for rapid and fundamental expansion during the 2016 oil price bust. Cos takeover bid sweet enoughcalgary the ceo of suncor energy is throwing cold water on speculation that its hostile takeover offer for canadian oil sands will be sweetened. Rick george was appointed president and chief executive officer of suncor energy inc. The executives and board at canadian oil sands ltd. Canadian oil sands defends against hostile bid from suncor.
Suncor nabs final outstanding shares of canadian oil sands. Canadian oil sands overhauls management ahead of suncor. In 2011, canadian oil sands trust converted from a royalty trust to a corporation, becoming canadian oil sands limited. Key things to know about suncors takeover deal of canadian. Suncor energy completes acquisition of canadian oil sands. Su to buy the company, saying suncor was unfairly seeking a bargain in a.
Suncor to pay more for canadian oil sands stock in revised. Suncor energy has reached a friendly takeover deal with canadian oil sands after bumping up its all share offer by 12 per cent. Suncors deal with canadian oil sands fits its strategy and is expected to prove beneficial to it in several aspects. A takeover is possible, especially by imperial or suncor. Oil sands history author joyce hunt responds to questions about the term. Suncor, canadian oil sands in talks for friendly takeover wsj. Canadian oil sands gets allsuncor board of directors. Suncor announces hostile takeover bid for canadian oil sands. Suncor to integrate canadian oil sands, delist shares this.
Suncor energy has raised the stock portion of its takeover offer for canadian. Kubik said suncors own investments tell a different story. The buyout should improve oil sands production from 80% of the total volumes. Canadian oil sands rejects suncor takeover bid the new york. Oct 22, 20 rick george was appointed president and chief executive officer of suncor energy inc. Suncor extends takeover offer for canadian oil sands until. Whats behind suncors bid for canadian oil sands ltd cbc. Suncor acquires canadian oil sands, shares to delist this week. Canadian oil sands has accepted a sweetened takeover offer from suncor energy as the market outlook for oilsands producers deteriorates. To add insult to injury, canadian forest fires caused suncor energy to shutter production in its key oil sands operations for over a month. Jun 16, 2010 from the first lease being granted in 1954 to the opening of the great canadian oil sands complex in fort mcmurray in 1967, suncor energy has played a pioneering role in developing canadas energy. Will suncors hostile takeover of canadian oil sands. Why suncor launched hostile bid for canadian oil sands.
Suncor reaches deal to buy canadian oil sands with. The bid followed rejected advances earlier in the year in march and april. Acquisition signals end of public feud between companies, edges. The company began by making a takeover bid for canadian oil sands, the only piece of the syncrude giant to trade directly on the stock market. Suncor acquires canadian oil sands, shares to delist this. Suncor wins 73% of canadian oil sands shares, says takeover a done deal sa news feb. Whats behind suncors bid for canadian oil sands ltd.
Suncor energy is a canadian integrated energy company based in calgary, alberta. Despite a history of shareholder outreach experience and advice from advisers and proxy firms, the case to support. Its one option the oilsands giant had with its allstock hostile offer set to expire friday evening. War of words intensifies between suncor, cos calgary the war of words is intensifying between oilsands giant suncor energy and its reluctant takeover target, canadian oil sands. Great canadian oil sands a majorityowned subsidiary, which constructed and operated the first commercial plant to develop canadas athabasca oil sands and went on production in 1967. From the first lease being granted in 1954 to the opening of the great canadian oil sands complex in fort mcmurray in 1967, suncor energy has played a.
The largest owner of the syncrude oilsands mine will be. Suncor to buy canadian oil sands after raising offer by 12. Cos takeover bid sweet enoughcalgary the ceo of suncor energy is throwing cold water on speculation that its hostile takeover offer for canadian oil. War of words intensifies between suncor and reluctant. This book is part business success story, part defense of a much maligned industry. Suncor, canadian oil sands in talks for friendly takeover. Suncor is looking for an oil sands deal companies have been shedding their oil sands assets, and this canadian oil giant is looking to scoop up a cheap deal. Suncor announces hostile takeover bid for canadian oil. Suncor has increased how much stock it will pay to buy cos, which had said the previous offer was too low. Feb 10, 2015 a takeover is possible, especially by imperial or suncor.
Calgary, march 21, 2016 cnw suncor and canadian oil sands limited cos announced today that suncors acquisition of cos has been completed following shareholder approval of an amalgamation. Suncor bids to take over canadian oil sands with crude prices still low, suncor energy looks to grow its position as canadas dominant oilsands producer with takeover bid. The detente inches suncor closer to securing an additional 37percent interest in syncrude, a project with a history of mechanical breakdowns and. Canadian oil sands project gutenberg selfpublishing. This week we asked joyce hunt, author of an awardwinning book about oil sands history. The result has been canadas everincreasing reliance on the oil sands resource. Oct 05, 2015 suncor bids to take over canadian oil sands with crude prices still low, suncor energy looks to grow its position as canadas dominant oilsands producer with takeover bid by the canadian press. Suncor reaches deal to buy canadian oil sands with sweetened. Suncor energy restarts oil sands production the motley fool. Suncor ceo says takeover bid for canadian oil sands is. Suncor gets canadian oil sands investor nod for buyout.
Dec 04, 2015 the executives and board at canadian oil sands ltd. It specializes in production of synthetic crude from oil sands. Despite a history of shareholder outreach experience and advice from advisers and. Su, canadas largest energy firm, announced that it has completed the acquisition of canadian oil sands ltd. He was named canadas outstanding ceo of the year in 1999 after leading a remarkable business turnaround at suncor, and he received the canadian business leader award from the alberta school of business in 2000. Suncor to buy canadian oil sands after raising offer by 12%. Jan 18, 2016 canadian oil sands has accepted a sweetened takeover offer from suncor energy as the market outlook for oilsands producers deteriorates. Suncor, canadas largest crude producer, will keep looking for possible acquisitions as it works to persuade canadian oil sands shareholders to accept the takeover proposal, ceo steve williams. With the takeover, suncors 12percent stake in syncrude the oilsands mining consortium in northern alberta in which canadian oil sands has a 36. Canadian oil sands rejects suncor takeover bid the new. The company began by making a takeover bid for canadian oil sands, the only piece. Canadas largest energy firm now has approval from 72. Suncor ceo says takeover bid for canadian oil sands is sweet enough. Sep 12, 2017 under his leadership, suncor used a combination of historically low interest rates and the oil price crash for rapid and fundamental expansion during the 2016 oil price bust.
Oct 06, 2015 suncor is offering to exchange onequarter of its shares for each canadian oil sands share, a bid it valued at 4. In 2016, suncor energy purchased all of the shares of canadian oil sands limited. Suncor bids to take over canadian oil sands macleans. Suncor issued an open letter to cos shareholders on thursday under the heading hope is not a strategy reiterating its view that sticking with the status quo. Suncor calls the oil sands business its bread and butter of current operations, and its reserve base of roughly 7. World heritage encyclopedia, the aggregation of the largest online encyclopedias available, and the.
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