Suncor completes Canadian Oil Sands acquisition
CALGARY, Alberta -- Suncor's acquisition of Canadian Oil Sands (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 (representing approximately 15.8% of the outstanding COS shares) and now owns 484,614,325 COS shares (representing 100%) of the issued and outstanding COS shares.
"Today marks the final step required to complete the COS acquisition," Steve Williams, Suncor’s president and CEO, said in a statement Monday. "We're looking forward to working cooperatively with Syncrude to steadily improve asset performance, reduce costs and explore synergy opportunities."
