Deals
Suncor Formally Begins Offer for Canadian Oil Sands for $3.29 Billion
- Bid represents 43% premium to closing share price on Friday
- Canadian Oil Sands holders will see dividend gain, Suncor says
Suncor Offers $3.3 Billion for Canadian Oil Sands
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Suncor Energy Inc., Canada’s biggest energy company, made an unsolicited offer to buy Canadian Oil Sands Ltd. for about C$4.3 billion ($3.3 billion), taking advantage of plunging crude prices to seek to add production in Alberta.
Calgary-based Canadian Oil Sands is expected to reject the offer, according to a person familiar with the company’s thinking who asked not to be identified because the matter is private.