Petro-Canada To Keep Fort Hills Stake As Total Drops UTS Bid

摘要

Petro-Canada is content with its 60% stake in the Fort Hills oilsands project despite word this morning that Total E&P Canada Lte.will away from its earlier offer for UTS Energy Corporation. In a news release today, Total said its $1.75 per share offer for UTS expired yesterday when the requisite two-thirds of outstanding share were not tendered by 8 p.m. (Toronto time). In a conference call this morning, the news appeared to take Petro-Canada by surprise.