- Category: Economic
- Published Monday, January 18, 2016
- CTV News
CALGARY - Suncor Energy and Canadian Oil Sands have come to terms on a $6.6-billion deal that ends a months-long public battle between the two Calgary-based companies.
Suncor (TSX:SU) has increased how much stock it will pay to buy COS, which had said the previous offer was too low.
Canadian Oil Sands (TSX:COS) shareholders are now being offered 0.28 of a Suncor share - about 12 per cent more than before.
The total price includes $2.4 billion in debt that Suncor will assume.
The companies issued a joint statement saying both boards of directors and major Canadian Oil Sands investor Seymour Schulich are supporting the revised offer.