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.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.