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Suncor Energy has agreed to acquire Petro-Canada in an all-stock deal worth about $15 billion, the companies announced Monday morning.
The merger will combine two of the largest operators in Canada’s oils sands which have high production costs and which have become a target of environmental groups.
Under the plan, Petro-Canada shareholders will receive 1.28 common shares of the expanded company for each share of Petro-Canada, while Suncor shareholders will receive new shares on a one-for-one basis. Petro-Canada shareholders will hold 40 percent of the enlarged company and Suncor shareholders will hold 60 percent.