COS management accepts Suncor’s sweetened hostile offer

Despite the price of oil dipping to 2003 levels, Canadian oil sands major Suncor Energy on Monday announced that it has succeeded in swaying Canadian Oil Sands (COS) management to accept a sweetened C$6.6-billion offer for the company. The offer, which was extended to 4:00 pm Mountain Time, would provide Suncor with COS’s 37% interest in synthetic crude oil major Syncrude which, combined with its 12% stake, would provide Suncor with a controlling interest in the operation. Located north of Fort McMurray, this was one of the largest oil sands operations in Alberta’s oil patch.