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."