upstreamonline.com
News wires
France’s Total said it was launching a C$617 million (US$502 million) takeover bid for UTS Energy to gain a stake in the delayed Fort Hills oil sands project in Canada.
Total, which already has extensive interests in Alberta’s oil sands, said it was bidding C$1.30 cash per UTS share, a 51% premium over the small developer’s share price over the past 30 days on Toronto Stock Exchange.
UTS has a 20% stake in Fort Hills, the Petro-Canada-operated project that the partners put on hold after costs ballooned to more than C$21 billion last year, said a Reuters report.