Suncor and Canadian Oil Sands Ltd has reported that Suncor's acquisition of COS has been completed following shareholder approval of an amalgamation agreement at a special meeting of COS shareholders.
Suncor, through a wholly owned subsidiary, acquired 76 752 122 COS shares so now owns 484 614 325 COS shares of the issued and outstanding COS shares.
"Today marks the final step required to complete the COS acquisition," commented Steve Williams, Suncor president and chief executive officer. "We're looking forward to working cooperatively with Syncrude to steadily improve asset performance, reduce costs and explore synergy opportunities."
COS shareholders whose COS shares were acquired through the Amalgamation will receive 0.28 of a Suncor common share for each COS share held (subject to rounding for fractional shares).
The COS shares are expected to be de-listed from the Toronto Stock Exchange effective immediately. COS has submitted an application with the Alberta Securities Commission and with the securities regulatory authorities in each of the other provinces in Canada, to cease to be a reporting issuer under the applicable securities laws of each such province as soon as practicable.
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/22032016/suncor-energy-completes-acquisition-of-canadian-oil-sands-2824/