Suncor Energy Completes Acquisition of Canadian Oil Sands

CALGARY, ALBERTA— Suncor and Canadian Oil Sands Limited has officially announced that Suncor’s acquisition of COS has been completed following shareholder approval of an amalgamation agreement at a special meeting of COS shareholders this morning. Suncor, through a wholly owned subsidiary, acquired 76,752,122 COS shares (representing approximately 15.8 per cent of the outstanding COS shares) and now owns 484,614,325 COS shares (representing 100 per cent) of the issued and outstanding COS shares.
“Today marks the final step required to complete the COS acquisition,” said Steve Williams, Suncor president and chief executive officer. “We’re looking forward to working cooperatively with Syncrude to steadily improve asset performance, reduce costs and explore synergy opportunities.”
COS shareholders whose COS shares were acquired today through the Amalgamation will receive 0.28 of a Suncor common share for each COS share held (subject to rounding for fractional shares). They will be paid in accordance with the terms of the Amalgamation (as described more fully in the COS management proxy circular and related meeting materials mailed to COS shareholders in advance of the meeting and which are available on SEDAR under COS’ profile at www.sedar.com). Based on today’s closing trading price of Suncor’s common shares on the Toronto Stock Exchange, the acquisition of shares today represents an implied acquisition price of $10.17 per COS share.

Canadian Oil SandsEnergy newsOil and Gas CompaniesOil and Gas NewsSuncor Energy news
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