Petro-Canada's Shareholders Vote Yes to Merge with Suncor Energy

Petro-Canada today held its annual general and special meeting of shareholders in Calgary. At the meeting, shareholders passed the following resolutions:

  • The plan of arrangement was approved by more than 96% of the votes cast by shareholders, which will result in the merger of Petro-Canada and Suncor and certain of their subsidiaries, pending a positive shareholder vote by Suncor shareholders this afternoon and receipt of all regulatory approvals including approval of the Canadian Competition Bureau;
  • A new stock option plan was approved by more than 52% of the votes cast by shareholders, which will bring together the plans of Suncor and Petro-Canada and be used to attract and retain highly qualified directors, officers and employees;
  • The election of 11 Board members, including 10 independent directors until the earlier of either the completion of the merger or the next annual general meeting;
  • The appointment of Deloitte & Touche LLP as Petro-Canada's auditors.

Shareholders also received Petro-Canada's consolidated financial statements for the year ended December 31, 2008, together with the auditor's report.

"Shareholders recognized that the merger between Petro-Canada and Suncor would create Canada's premier integrated energy company with the assets, cost structure and financial strength to compete globally," said Ron Brenneman, Petro-Canada's president and chief executive officer. "We're optimistic that this afternoon Suncor's shareholders will see the same opportunity to create more shareholder value than both companies could create on their own."


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
Principal Engineer - Amarillo, TX Job
Expertise: Engineering Manager|Project Engineer|Technical Manager
Location: Amarillo, TX
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours