 鲜花( 687)  鸡蛋( 1)
|
Canadian energy giants Suncor Energy Inc. and Petro-Canada have reached a deal to merge into a single company.
4 N$ I5 ]9 O: F% C! z7 O4 j6 ^2 s- I- S ^ U H& ?" |4 \
The Calgary-based corporations released a statement early Monday morning announcing the plan, which will create a company with an estimated market value of $43.3 billion.5 J H; Y [# n$ [" Q" l
$ g( H2 I4 ~+ P( DThe new company will continue to operate and trade under the Suncor name, the statement said.
8 f O0 f+ ^ l9 o( P8 `5 b: T3 e# ^2 c, x: m B) z
"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.
Y+ f" d5 D6 r; ^" }8 H
F1 h" {* H+ n4 G# cThe 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.5 A& A' S# @% t
$ ^: V# Y. R% {( z, H) ~% u- N
"The combined portfolio boasts the largest oilsands resource position, a strong Canadian downstream brand, solid conventional exploration and production assets," George said.
/ _2 A+ F9 t3 _+ F
: V8 {! X: C. ]+ C& p' S8 RThe merged company will also be positioned for production in Atlantic Canada.8 j7 N# b8 q4 b! q
( x1 a$ @: h" W k9 J! QPetro-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.
; q. n4 [ E, ^* B. b8 y7 b/ v( D( X2 e% o8 w- c; |* D6 D) ]: Y8 ~9 [
Existing Suncor shareholders will hold 60 per cent of the new company while Petro-Canada shareholders will hold the remaining 40 per cent.) H9 u3 y% @3 p8 u8 h, t) u
6 }; E* n0 i. |1 l4 R0 y; J! o
The deal values Petro-Canada at $19.18 billion based on Friday's closing prices on the Toronto Stock Exchange.) Z8 X/ K3 I" X1 R
* q# d, {& T( p5 u3 L
Suncor shares fell more than seven per cent on the TSE Friday, closing at $30.90. Petro-Canada shares slid four per cent to $29.65.5 M% c+ G0 ^( X) Z+ }
! ^& m& ~, Y' Y" p1 r
The deal comes weeks after the Ontario Teachers' Pension Plan, which holds a 3.3 per cent stake in Petro-Canada, launched action aimed at increasing shareholder value in the company. Reports said the province's largest pension fund was pushing for restructuring at the oil and gas firm.# C9 q$ u7 j ? a3 a: `
. e" r3 ~( W9 u4 ~, f9 dThe 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. e2 f$ D& |# u3 l1 n
" M8 I+ J6 R( C8 R
Provide more stability
8 B) }( h/ s$ d3 l$ Q& b; R3 _. H5 h; F- v* O7 f
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.3 K, n" d, T- D8 `
) i* Y7 O3 L, uThe deal is expected to close in the third quarter of 2009.
, y- k4 v. q7 E8 G; P; @7 r
3 b) v8 L+ B5 j2 e0 wThe 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.
: |) l& X% `% U: ~' k- `. i; n, K# B. Y$ @5 d5 s* k8 C0 Q5 d
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.6 O. T6 j% f. \& ?& _3 n9 L
/ Z9 y' L2 q) x( I, M$ P3 R4 G
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 $50 mark last week, but have been much lower in recent months.
7 t. k4 I0 H4 r. Q; Y
' q$ [+ h, ?+ x% Z+ y4 BThe merging of the two companies is expected to reduce annual operating expenditures by about $300 million.) F3 _6 @; n T
# d7 D0 H* k% T W* ]1 w' QThe 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.
: \: b7 N6 S4 H* Z; x
: D6 q: b) Q. Q) l3 d& `"Plus the financial and organizational capability to successfully take on large-scale projects in the future," Brenneman said. |
|
狗仔卡
发表于 2009-3-23 07:07
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡
