Suncor, Petro-Canada announce merger

newlife · 发表于 2009-3-23 07:07

Canadian energy giants Suncor Energy Inc. and Petro-Canada have reached a deal to merge into a single company.

The Calgary-based corporations released a statement early Monday morning announcing the plan, which will create a company with an estimated market value of $43.3 billion.

The new company will continue to operate and trade under the Suncor name, the statement said.

"This merger creates a made-in-Canada energy leader with the assets, cost structure and financial strength to compete globally," said Rick George, who is president and chief executive officer of Suncor and who will assume the same role with the merged entity.

The merged company will have a resource base of approximately 7.5 billion barrels of oil in proved or probable reserves and an estimated resource base of about 19 billion barrels more.

"The combined portfolio boasts the largest oilsands resource position, a strong Canadian downstream brand, solid conventional exploration and production assets," George said.

The merged company will also be positioned for production in Atlantic Canada.

Petro-Canada shareholders will receive 1.28 shares of the merged company for every share they hold while Suncor stockholders will get a share in the new venture for each share they currently own.

Existing Suncor shareholders will hold 60 per cent of the new company while Petro-Canada shareholders will hold the remaining 40 per cent.

The deal values Petro-Canada at $19.18 billion based on Friday's closing prices on the Toronto Stock Exchange.

Suncor shares fell more than seven per cent on the TSE Friday, closing at $30.90. Petro-Canada shares slid four per cent to $29.65.

The deal comes weeks after the Ontario Teachers' Pension Plan, which holds a 3.3 per cent stake in Petro-Canada, launched action aimed at increasing shareholder value in the company. Reports said the province's largest pension fund was pushing for restructuring at the oil and gas firm.

The companies said the new venture will continue to be governed by the Petro-Canada Public Participation Act, federal legislation barring any one investor from owning more than 20 per cent of the corporation. The same rules stipulate that the new company will be headquartered in Calgary, where both Suncor and Petro-Canada are currently based.

Provide more stability

Completion of the proposed merger is conditional on approval of Suncor and Petro-Canada shareholders, compliance with the Competition Act, and satisfaction of other customary approvals including regulatory, stock exchange, and Court of Queen's Bench of Alberta.

The deal is expected to close in the third quarter of 2009.

The increased scale of the company will provide more stability in volatile markets, said Ron Brenneman, who is currently president and chief executive officer of Petro-Canada and who will assume the role of executive vice chair in the merged company.

Suncor and Petro-Canada are among the many Canadian energy firms to put off building massive oilsands projects due to languishing commodity prices and rattled financial markets.

Analysts say a fully integrated oilsands project, in which the oil is both extracted and processed, need oil prices of anywhere from $75 US to $100 per barrel to be economically viable. Crude prices nudged over the $50 mark last week, but have been much lower in recent months.

The merging of the two companies is expected to reduce annual operating expenditures by about $300 million.

The companies also expect to achieve annual capital efficiencies of approximately $1 billion through elimination of redundant spending and targeting capital budgets, according to the joint press release.

"Plus the financial and organizational capability to successfully take on large-scale projects in the future," Brenneman said.

金币 · 发表于 2009-3-23 09:06

不是好事，又少个竞争对手了，只会令市场更受制于巨头了。

SunnyBay · 发表于 2009-3-23 09:09

Analyst Conference Call
An analyst conference call will be held for the investment community on Monday morning, March 23, at 7 a.m. MDT (9 a.m. EDT). To call in, analysts or media should dial toll free:
From North America: 1-866-696-5910
From elsewhere: 00-800-8989-6336
Participants need to enter the pass code number 2463731.
Should you have difficulty joining the call, please dial 1-416-340-2217.
Please register at least 10 minutes before the start of the conference call.
A live audio webcast of the analyst conference call will be available via both http://www.petro-canada.ca/ and http://www.suncor.com/ or by going to the following weblink: http://events.startcast.com/events6/Default.aspx?EID=3f8cdcb1-7a8c-40ae-a1ef-76afc50d3ace
An archived version of the webcast will be available after the conference call. The archive will also be available until April 6, 2009 by dialing:
From North America: 1-800-408-3053 or 416-695-5800
From elsewhere: 00-800-3366-3052
Participants need to enter the pass code number 3046101.
News Conference
A news conference will be held for media on Monday morning, March 23, at 8:30 a.m. MDT (10:30 a.m. EDT). The news conference will be held in Glen Room 206 in the south building of the Telus Convention Centre, 120 9th Avenue S.E., Calgary, Alberta.
To call in and ask questions, media should dial toll free:
From North America: 1-888-789-9572
From elsewhere: 00-800-6578-9818
Participants need to enter the pass code number 4361810.
Should you have difficulty joining the call, please dial 1-416-695-7806.
Please register at least 10 minutes before the start of the conference call.
A live audio webcast of the news conference will be available via both http://www.petro-canada.ca/ and http://www.suncor.com/. An archived version of the webcast will be available after the conference call. The archive will also be available until April 6, 2009 by dialing:
From North America: 1-800-408-3053 or 416-695-5800
From elsewhere: 00-800-3366-3052
Participants need to enter the pass code number 6187446.

酸葡萄 · 发表于 2009-3-23 12:16

合并以后不是又要裁员了？晕

[ 本帖最后由酸葡萄于 2009-3-23 13:17 编辑 ]

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[加国新闻] Suncor, Petro-Canada announce merger

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