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...
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