Total E&P Canada Extends Offer to Acquire Synenco Energy
Total E&P Canada Ltd., a wholly-owned subsidiary of Total S.A., announces that it has extended its offer to acquire all of the issued and outstanding common class "A" voting shares (the "Common Shares") of Synenco Energy Inc. ("Synenco") pursuant to its offer and take-over bid circular. The previously announced offer by Total Canada to acquire the Common Shares for $9.00 in cash for each Common Share.
Total Canada has not yet received the required approval from the Minister responsible for the Investment Canada Act and, as a result, this condition to the offer has not been satisfied as of the initial expiry time. Total Canada anticipates receiving the required Investment Canada Act approval soon and has extended the offer.
Synenco shareholders who have already deposited their Common Shares to the offer do not need to take any further action to accept the offer. Shareholders who have not yet deposited their Common Shares in acceptance of the offer may tender such shares to the offer at any time prior to 7:00 p.m. (Calgary time) on July 3, 2008.
On June 5, 2008, Total Canada received the Advance Ruling Certificate under the Competition Act (Canada) in respect of the offer.
Synenco focuses its efforts on the world's second largest oil reserves, the Alberta oil sands, specifically the Northern Lights oil sands project, a mining and bitumen extraction project north of Fort McMurray, Alberta.
- Total Sells Stake in Canada's Northern Lights Project to Sinopec (Apr 01)
- Total E&P Canada Cinches Acquisition of Synenco (Aug 06)
- Total Increases Synenco Acquisition Offer to CA$10.25 per Share (Jul 24)
Company: Total E & P Ltd more info
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