CALGARY, March 21, 2016 /PRNewswire/ - Suncor and
Canadian Oil Sands Limited ("COS") announced today that
Suncor's acquisition of COS has been completed following
shareholder approval of an amalgamation agreement at a special
meeting of COS shareholders this morning. Suncor, through a wholly
owned subsidiary, acquired 76,752,122 COS shares (representing
approximately 15.8 per cent of the outstanding COS shares) and now
owns 484,614,325 COS shares (representing 100 per cent) of the
issued and outstanding COS shares.
"Today marks the final step required to complete the COS
acquisition," said 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 today through
the Amalgamation will receive 0.28 of a Suncor common share for
each COS share held (subject to rounding for fractional shares).
They will be paid in accordance with the terms of the Amalgamation
(as described more fully in the COS management proxy circular and
related meeting materials mailed to COS shareholders in advance of
the meeting and which are available on SEDAR under COS' profile at
www.sedar.com). Based on today's closing trading price of
Suncor's common shares on the Toronto Stock Exchange, the
acquisition of shares today represents an implied acquisition price
of $10.17 per COS share.
The COS shares are expected to be de-listed from the Toronto
Stock Exchange effective immediately following the close of trading
on March 23, 2016. COS has also
submitted an application with the Alberta Securities Commission, as
principal regulator, 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.
Suncor Energy is Canada's leading integrated energy company.
Suncor's operations include oil sands development and
upgrading, conventional and offshore oil and gas production,
petroleum refining, and product marketing under the Petro-Canada
brand. A member of Dow Jones Sustainability indexes, FTSE4Good and
CDP, Suncor is working to responsibly develop petroleum resources
while also growing a renewable energy portfolio. Suncor is listed
on the UN Global Compact 100 stock index and the Corporate Knights'
Global 100. Suncor's common shares (symbol: SU) are listed on the
Toronto and New York stock exchanges. Suncor's
address is 150 6th Avenue SW, Calgary Alberta T2P 3E3.
For more information about Suncor, visit our web site at
suncor.com, follow us on Twitter @SuncorEnergy, or come
and See what Yes can do.
SOURCE Suncor Energy Inc.