Suncor close to acquiring Petro-Can, says report: "merge Canada's two biggest oil companies"
Suncor close to acquiring Petro-Can, says report
Updated Sun. Mar. 22 2009 10:08 PM ET
The Canadian Press
NEW YORK -- There is a report that Suncor Energy Inc. (TSX:SU) is close to acquiring Petro-Canada (TSX:PCA) and an announcement could come as early as Monday.
In a story posted on its website, the Wall Street Journal cited people familiar with the matter as saying Suncor would acquire Petro-Canada for about $15-billion in stock.
The deal would merge Canada's two biggest oil companies.
The newspaper says spokeswomen for both companies declined to comment.
http://cxa.marketwatch.com/tsx/en/market/quote.aspx?symb=SU&sid=103545
Part of me says "nationalize" and another part says ... stay the heck out of the oil sands.
So ... next time gasoline spikes ... who ya gonna call?
Awhile back I heard someone make the "reform" case for "nationalization" by the feds and provincials. This "national champion" should act just like Saudi Aramco, Petrobras, and Statoil, not ExxonMobil.
Yup, deal went through. Petro Canada said to be worth $19 billion; the combined company said to be worth $43 billion. PetroCanada stations likely to remain as is, but I think the signs will likely change, eventually.
I guess they did merge.
Why is the Media saying two Canadian Companies merging though? Sunoco owns Suncor and Sunoco is American.
Too big to fail.
this is really not good.
i gather it can still be stopped by the competition bureau, says Scotiabank mouthpiece, though unlikely because of blah blah.
so we get this huge monstronsity that consumes all around it, enlarging itself to feed more aggressively on prey elsewhere. like countries where there are easy scapegoats. very nasty. no wonder CBC is falling over itself trying to show Canadians flabbergasted with Fox, as if we're horrified for them insulting the courage of our troops. must support the troops supporting the next/ expanded conquest.
how long is this going to go on?
where the hell is the NDP voice on this OUT THERE?
sorry if its been and i missed it.
pensioners are happy for a day of another stock blip, until the next dive.
line in the casino sand can't just stop at a G20 mtg in London.
Heard on tv it wasn't really a merger, but a "takeover".
Good reason to stop buying gas!
Easy for me to say ... no car!