Suncor Energy to acquiring Petro-Canada

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jurek

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Suncor Energy to acquiring Petro-Canada

posted on Mar 22, 2009 06:29PM

This should get the market going on Monday morrning.

The Wall Street Journal reported Sunday night that Suncor Energy Inc. is close to acquiring Petro-Canada in a deal that would merge Canada's two biggest oil companies.

The newspaper cited people familiar with the matter as saying Suncor would acquire Petro-Canada for about $15-billion in stock, representing a roughly 30 per cent premium for Petro-Canada.

Spokeswomen for both companies declined to comment, the Journal reported. A deal announcement was expected to come as early as Monday.

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