Canadian Government Completes Sale of its Petro-Canada Stake

Petro-Canada announced the completion of the public offering by the Government of Canada of its remaining 19 per cent stake in the Company. The Government sold its 49,390,104 Petro-Canada common shares at a price of $64.50 Cdn ($50.42 US) per share, for total gross proceeds to the Government of nearly $3.2 billion Cdn ($2.5 billion US).

Petro-Canada did not sell any newly issued common shares as part of this offering and did not receive any proceeds from the sale of the shares.

The joint book-running managers for the offering were CIBC World Markets Inc., Merrill Lynch & Co. and RBC Capital Markets.