Suncor To Buy Petro-Canada In $15B All-Stock Deal

Law360, New York (March 23, 2009, 12:00 AM EDT) -- Suncor Energy Inc. said Monday that it would acquire Petro-Canada for roughly CA$19 billion ($15 billion) in stock, creating the largest energy company in Canada and the fifth-largest in North America.

Upon completion of the deal, which is still subject to compliance with Canada's Competition Act and shareholder approval, the merged company will have a refining capacity of 433,000 barrels of oil per day and a position in every major oil development project on Canada's east coast.

The merged company will also reduce annual operating expenditures...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.