- Category: Economic
- Published Tuesday, December 15, 2015
- CTV News
CALGARY - Suncor Energy's latest appeal to Canadian Oil Sands shareholders attacks the leadership of the reluctant takeover target for having almost no skin in the game.
Suncor CEO Steve Williams says COS directors and executives own less than 0.1 per cent of the company's shares.
He says if COS top brass believed their own rhetoric about their company's ability to thrive as an independent firm, they should own more than that.
The all-stock bid is worth about $4.2 billion based on Suncor's most recent closing stock price and expires on Jan. 8.
COS has dismissed the offer as too low, opportunistic and exploitive and has said it's prospects are bright once oil prices recover.
Both companies are partners in the massive Syncrude oilsands mine north of Fort McMurray, Alta. -- Suncor with 12 per cent and COS with 37 per cent.