Suncor Energy and Petro-Canada Merger Receives Competition Bureau Approval
2009年7月22日 - 6:30AM
Marketwired
Suncor Energy Inc. (TSX: SU) (NYSE: SU) and Petro-Canada (TSX: PCA)
(NYSE: PCZ) announced today that the Competition Bureau has
approved the proposed merger of Suncor and Petro-Canada.
The approval is reflected in a consent agreement with the
Competition Bureau which will be registered with the Competition
Tribunal in Ottawa. Under the consent agreement the companies have
agreed to take steps to maintain retail and wholesale competition
in Ontario, including divesting 104 retail locations, and entering
into certain supply and throughput arrangements in Ontario for a
period of 10 years.
With all the conditions necessary to complete the merger
satisfied, Suncor and Petro-Canada intend to make the merger
effective August 1, 2009.
"The Bureau's review process was very intensive and thorough,"
said Rick George, who is currently president and chief executive
officer of Suncor and will assume the same role in the merged
company. "We are satisfied that the resulting terms will preserve
the expected benefits of the merger and maintain a competitive
refined products market in Ontario."
"With this major milestone behind us, our focus now is to get
the final pieces in place to close the deal and launch what will be
Canada's premier energy company," said George.
For further information on the Suncor and Petro-Canada merger go
to www.suncorpetro-canada.com.
Advisory Regarding Forward-Looking Information and
Statements
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "anticipate",
"believe", "expected", "will", and similar expressions are intended
to identify forward-looking statements or information. More
particularly, and without limitation, this press release contains
forward-looking statements and information concerning the
completion of the proposed merger; the ability of the parties to
realize the anticipated benefits and synergies of the merger; and
the expected completion date of the proposed merger.
Since forward-looking statements and information address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of factors and
risks. These include, but are not limited to, the risks inherent in
the nature of the merger, including: the failure to realize the
anticipated benefits of the merger and to successfully integrate
Suncor and Petro-Canada; the ability of the merged entity to access
sufficient capital from internal and external sources on favourable
terms, or at all; changes in legislation, including but not limited
to tax laws, royalty rates and environmental regulations; failure
to realize anticipated synergies or cost savings; and incorrect
assessments by one party to the merger of the value of the other
party to the merger.
Suncor and Petro-Canada have provided the anticipated time of
completion of the merger in reliance on certain assumptions that
they believe are reasonable at this time, including assumptions as
to the time necessary to satisfy the conditions to the closing of
the transaction. These dates may change for a number of reasons,
including due to the need for additional time to satisfy the
conditions to the completion of the transaction. As a result of the
foregoing, readers should not place undue reliance on the
forward-looking statements and information contained in this press
release concerning these times.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on these and other factors that
could affect the completion of the merger and its anticipated
benefits and value are included in the joint information circular
and proxy statement of Suncor and Petro-Canada dated April 29,
2009, which has been filed with the applicable securities
regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com), the SEC's website (www.sec.gov) or through
the joint merger site at www.suncorpetro-canada.com.
The forward-looking statements and information contained in this
press release are made as of the date hereof and Suncor and
Petro-Canada undertake no obligation to update publicly or revise
any forward-looking statements or information, whether as a result
of new information, future events or otherwise, unless so required
by applicable securities laws.
ABOUT SUNCOR
Suncor Energy Inc. is an integrated energy company headquartered
in Calgary, Alberta. Suncor's oil sands business, located near Fort
McMurray, Alberta, extracts and upgrades oil sands and markets
refinery feedstock and diesel fuel, while operations throughout
western Canada produce natural gas. Suncor also operates a refining
and marketing business which includes refining, retail, pipeline
and distribution operations in Ontario, Canada and in Colorado and
Wyoming in the United States. Suncor's common shares (symbol: SU)
are listed on the Toronto and New York stock exchanges.
Suncor Energy (U.S.A.) Inc. is an authorized licensee of the
Shell� and Phillips 66� brand and marks in the state of Colorado.
Sunoco in Canada is separate and unrelated to Sunoco in the United
States, which is owned by Sunoco, Inc. of Philadelphia.
For further information about Suncor, please visit
www.suncor.com.
ABOUT PETRO-CANADA
Petro-Canada is one of Canada's largest oil and gas companies,
operating in both the upstream and the downstream sectors of the
industry in Canada and internationally. The Company creates value
by responsibly developing energy resources and providing world
class petroleum products and services. Petro-Canada is proud to be
a National Partner to the Vancouver 2010 Olympic and Paralympic
Winter Games. Petro-Canada's common shares trade on the Toronto
Stock Exchange under the symbol PCA and on the New York Stock
Exchange under the symbol PCZ.
For further information about Petro-Canada, please visit
www.petro-canada.ca.
Contacts: Investor inquiries: John Rogers, Suncor (403) 269-8670
Media inquiries: Brad Bellows, Suncor (403) 269-8717 Website:
www.suncor.com Investor inquiries: Ken Hall, Petro-Canada (403)
296-7859 Media inquiries: Jon Hamilton, Petro-Canada (905) 804-5911
Website: www.petro-canada.ca
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