AGL 39.58 Decreased By ▼ -0.42 (-1.05%)
AIRLINK 128.90 Decreased By ▼ -2.32 (-1.77%)
BOP 6.73 Decreased By ▼ -0.08 (-1.17%)
CNERGY 4.64 Decreased By ▼ -0.07 (-1.49%)
DCL 8.40 Decreased By ▼ -0.04 (-0.47%)
DFML 41.01 Decreased By ▼ -0.46 (-1.11%)
DGKC 81.40 Decreased By ▼ -0.69 (-0.84%)
FCCL 32.67 Decreased By ▼ -0.43 (-1.3%)
FFBL 71.90 Decreased By ▼ -0.97 (-1.33%)
FFL 12.26 No Change ▼ 0.00 (0%)
HUBC 109.83 Decreased By ▼ -0.91 (-0.82%)
HUMNL 14.20 Decreased By ▼ -0.31 (-2.14%)
KEL 5.13 Decreased By ▼ -0.06 (-1.16%)
KOSM 7.52 Decreased By ▼ -0.09 (-1.18%)
MLCF 38.60 Decreased By ▼ -0.30 (-0.77%)
NBP 63.00 Decreased By ▼ -1.01 (-1.58%)
OGDC 190.16 Decreased By ▼ -2.66 (-1.38%)
PAEL 25.26 Decreased By ▼ -0.42 (-1.64%)
PIBTL 7.32 Decreased By ▼ -0.02 (-0.27%)
PPL 151.19 Decreased By ▼ -2.88 (-1.87%)
PRL 25.50 Decreased By ▼ -0.33 (-1.28%)
PTC 17.41 Decreased By ▼ -0.40 (-2.25%)
SEARL 80.50 Decreased By ▼ -1.80 (-2.19%)
TELE 7.70 Decreased By ▼ -0.06 (-0.77%)
TOMCL 32.91 Decreased By ▼ -0.55 (-1.64%)
TPLP 8.45 Decreased By ▼ -0.04 (-0.47%)
TREET 16.44 Decreased By ▼ -0.18 (-1.08%)
TRG 56.70 Decreased By ▼ -0.70 (-1.22%)
UNITY 27.50 Decreased By ▼ -0.01 (-0.04%)
WTL 1.35 Decreased By ▼ -0.02 (-1.46%)
BR100 10,407 Decreased By -97.2 (-0.92%)
BR30 30,849 Decreased By -377.8 (-1.21%)
KSE100 97,539 Decreased By -540.5 (-0.55%)
KSE30 30,318 Decreased By -241 (-0.79%)

Suncor Energy Inc said on Monday it will buy rival Petro-Canada to create Canadas biggest oil company, dominant in the Alberta oil sands and able to slash costs as it looks to weather a period of low oil prices. Suncor is offering C$18.43 billion ($14.9 billion) for Petro-Canada in an all-share deal.
That makes it the largest Canadian oil and gas take-over ever, according to Thomson Reuters data, and the biggest take-over of a Canadian company since 2007, when Rio Tinto bought aluminium company Alcan for $43 billion. The deal targets C$1.3 billion in annual savings for the combined company in an environment in which plummeting oil prices have made it hard to turn a profit from squeezing crude out of the oil sands in northern Alberta, the worlds biggest oil reserves outside the Middle East.
The merger of the two will create a company with 100 years worth of reserves, four refineries in Canada and the United States, a chain of retail gasoline stations and more than 680,000 barrels per day of oil and gas production.
"We now have a new integrated national champion," said Dom Grestoni, managing partner at IG Investment Management, which holds about 6 million Petro-Canada shares and 11 million Suncor shares. The deal comes after a period of missed earnings targets and project delays at Petro-Canada, which has been under pressure from shareholders to boost its lagging shares, which had been trading at 2003 levels.

Copyright Reuters, 2009

Comments

Comments are closed.