Possible Merger between Suncor and Petro-Canada

Shareholders at Suncor and Petro-Canada will decide today whether to approve a merger.

The two companies are holding separate shareholder meetings in Calgary, to vote on the 19 billion dollar deal.

They first announced their plans to merge back in March and if the deal is approved, it will create one of the top five energy companies in North America.

It will also be the second largest company to trade on the Toronto Stock Exchange after the Royal Bank. The vote comes at a time, when the price of oil is on the rise again.

At last report it was over 67 dollars U.S. a barrel but the Canadian dollar which has for the most part piggy-backed the increase, was down five basis points from yesterday’s close at 90.17 cents U.S.

Comments

Have something you'd like to add? Read our comment policy by clicking here.