Suncor Energy Inc. will acquire Petro-Canada in a US$15.5 billion deal that will unite two of Canada's biggest oil companies, the companies announced Monday.
The move is expected to yield savings in operating costs of over CA
Under the deal, Petro-Canada
The share exchange represents a 25 percent premium for Petro-Canada shares, based on a 30-day weighted average of the share price. Based on the closing price Friday, the deal values Petro-Canada at CA$19.12 billion (US$15.5 billion)
Petro-Canada shareholders will hold 40 percent of the enlarged company and Suncor shareholders will hold 60 percent. Both companies are based in Calgary.
Monday's announcement marks the creation of the largest oil and gas company in Canada by market cap, though the merged entity will be smaller than other global heavyweights such as Exxon Mobil
"This merger creates a made-in-Canada energy leader with the assets, cost structure and financial strength to compete globally," said Rick George, president and chief executive officer of Suncor, who will continue in those roles in the new company.
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