Canadian Oil Sands Producers Merge To Survive Hard Times

摘要

Facing a bleak near-term future of low oil prices and high production costs, two of Canada's largest oil sands producers-Suncor Energy Inc. and Petro-Canada-Monday announced a merger designed to ride out hard times through increased efficiencies and synergies aimed at building a new national champion that will be better able to compete when global energy demand rebounds.rnThe combination, which will create Canada's largest oil company, will give Petro-Canada shareholders a 25 percent premium on their shares through a stock exchange that will leave Suncor's existing shareholders owning approximately 60 per cent of the new company and Petro-Canada shareholders 40 per cent.rnSuncor President and Chief Executive Officer Rick George, who will lead the new Suncor, said the company will remain focused on the oil sands, but he also touted Petro-Canada's international assets and downstream businesses, saying they would play an "important" part of the merged oil group.