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AFX Europe (Focus): Shell Canada launches 2.4 bln cad bid to buy Blackrock Ventures

Shell Canada launches 2.4 bln cad bid to buy Blackrock Ventures
AFX Europe (Focus); May 08, 2006

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LONDON (AFX) – Royal Dutch Shell PLC subsidiary Shell Canada Ltd has agreed to buy fellow Canadian oil group BlackRock Ventures Inc in a deal that values Blackrock at 2.4 bln cad.

Shell Canada will make an all-cash offer to acquire all of the issued and outstanding shares of BlackRock for 24.00 cad per share, which Shell said represents a 27 pct premium over Friday's closing price of 18.88 cad.

The Blackrock board is unanimously recommending the offer.

Clive Mather, Shell Canada's President and CEO, said: “This acquisition will augment our overall oil sands portfolio. It will add 12,000 to 14,000 barrels per day of heavy oil production and provide Shell Canada with access to significant additional resources.”

The agreement provides that BlackRock will pay Shell Canada a non-completion fee of 65 mln cad in certain circumstances.

Shell Canada is a Canadian-listed corporation 78 pct-owned by Royal Dutch Shell. [email protected]

 

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