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Suncor makes bid for Canadian Oil Sands

Suncor Energy has made an unsolicited bid worth roughly $6.6 billion to take over Canadian Oil Sands. The Calgary based company says it’s offering Suncor shares that are worth about $4.3 billion. They would also take on about $2.3 billion worth of debt that is currently owed by Canadian Oil Sands.

Suncor president and chief executive officer Steve Williams says he believes this is a financially compelling opportunity for COS shareholders. The offer value is 43 per cent above the market value for Canadian Oil Sands, based on closing prices at the Toronto Stock Exchange on Friday.

Suncor says their offer is on the table until December 4, though the company has the choice to withdraw before that, or extended past that deadline.

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