Suncor launches $4.3 billion bid for Canadian Oil Sands – Mining.com

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Suncor launches $4.3 billion bid for Canadian Oil Sands – Mining.com

by ahnationtalk on October 6, 2015357 Views

October 5, 2015

Suncor has commenced an unsolicited offer for Canadian Oil Sands (TSE:COS) for $4.3 billion.

Canadian Oil Sands was up sharply, 47% to $9.15 a share. Suncor is down 1.75% to $26.95.

Before the announcement, struggling Canadian Oil Sands was down 40% for the year while Suncor declined 17% over the same period.

Suncor says the total deal will cost the company $6.6 billion if Suncor assumes Canadian Oil Sands net debt.

Canadian Oil Sands has been labouring under low oil prices. It’s estimated cost of production was US$55 a barrel in the third quarter, above the current market price of oil.

Read More: http://www.mining.com/suncor-launches-4-3-billion-bid-for-canadian-oil-sands/

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