Suncor Energy launched what could be a drawn-out takeover battle for Canadian Oil Sands Ltd on Monday, which could increase its stake in Alberta's massive Syncrude project and cement its position as the country's largest oil producer.Suncor's all-stock offer, valued at about C$4.3 billion ($3.29 billion), comes as slumping oil prices squeeze Canadian oil sands producers, which have some of the world's highest operating costs.Canada has the world's third largest crude reserves after Saudi Arabia and Venezuela, and the oil sands in Alberta are a leading source of U.S. crude imports.Canadian Oil Sands and Suncor are among the stakeholders in Canada's largest synthetic crude project, Syncrude, in northern Alberta. Suncor said its share in Syncrude would rise from 12 percent to 48.74 percent under the proposed deal.
Suncor Energy Inc. (Suncor) is an integrated energy company. Shares of SU fell by 1.53% or $-0.41/share to $26.45. In the past year, the shares have traded as low as $24.20 and as high as $36.35. On average, 4725820 shares of SU exchange hands on a given day and today's volume is recorded at 13014414.
Suncor Energy Inc. (Suncor) is an integrated energy company. Shares of SU fell by 2.18% or $-0.77/share to $34.60. In the past year, the shares have traded as low as $30.89 and as high as $40.93. On average, 3244040 shares of SU.TO exchange hands on a given day and today's volume is recorded at 8855020.
Source
