January 8, 2016 10:08 pm
Updated: January 8, 2016 10:16 pm

Suncor has extended its takeover offer for Canadian Oil Sands until Jan. 27.

A pedestrian is reflected in a Suncor Energy sign in Calgary, Feb. 1, 2010. Suncor Energy is making a bid to acquire Canadian Oil Sands Ltd., the largest partner in Syncrude. Calgary-based company says it's offering Suncor shares worth about $4.3 billion and would take on about $2.3 billion of debt owed by Canadian Oil Sands, making the total transaction worth $6.6 billion.

THE CANADIAN PRESS/Jeff McIntosh
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CALGARY – It’s looking like a bitter oilpatch takeover battle will be dragging on for a few more weeks.

Suncor Energy has extended is $4-billion bid for Canadian Oil Sands until Jan. 27.

It’s one option the oilsands giant had with its all-stock hostile offer set to expire Friday evening.

The bid needed at least two-thirds support to go through and Suncor has said it would walk away if it didn’t get substantial backing.

The board and management of COS say the best way forward is for the company to stay independent and that it’s poised to prosper once crude prices recover.

Suncor argues that’s a risky proposition for shareholders given the likelihood of a prolonged downturn in crude prices.

Global News

© 2016 Canadian Press

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