Total wraps up Synenco acquisition - August 17, 2008

Providing coverage of Alaska and northern Canada's oil and gas industryAugust 2008

Vol. 13, No. 33

Week of August 17, 2008

Total wraps up Synenco acquisition

French oil major Total has successfully wrapped up its acquisition of oil sands startup Synenco Energy for C$530.5 million after hiking its per-share offer.

It said 94 percent of Synenco shares have been tendered to the C$10.25 per share offer, which was increased by 14 percent last month after a C$9 offer in April failed to win the support required.

Total said it can now force the hold-out investors to tender to the offer and delist Synenco shares from the Toronto Stock Exchange.

Synenco has a 60 percent stake and is managing partner in the Northern Lights oil sands project. A Canadian subsidiary of China’s Sinopec holds the remaining 40 percent.

—Gary Park

Petroleum News - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
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