Total To Buy Oil Sands Outfit UTS Energy For $1.4B

Law360, New York (July 7, 2010, 1:56 PM EDT) -- The Canadian subsidiary of Total SA announced Wednesday that it planned to acquire oil sands company UTS Energy Corp. for CA$1.5 billion ($1.42 billion) in cash.

Under the deal, Total E&P Canada Ltd. will acquire UTS and its main asset, a 20 percent interest in the Fort Hills mining project in the Athabasca region of Canada’s Alberta province.

The board of directors for UTS have already unanimously recommended that shareholders approve the deal. UTS’ major shareholder West Face Capital and management and directors, which between them...
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