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Reuters: Shell Canada declares bid for BlackRock unconditional

Fri Jun 16, 2006 9:55am ET

AMSTERDAM, June 16 (Reuters) – Anglo-Dutch oil giant Royal Dutch Shell Plc. (RDSa.L: Quote, Profile, Research) said on Friday that its subsidiary Shell Canada (SHC.TO: Quote, Profile, Research) has declared its bid to acquire oil sands producer BlackRock (BVI.TO: Quote, Profile, Research) unconditional.

Shell said in a statement that Shell Canada had acquired 92.8 percent of the common shares of BlackRock on a fully-diluted baisis and would pay for the shares in June 21.

“As a result of today’s announcement, Shell Canada, through its wholly-owned subsidiary BR Oil Sands Corporation, has now declared its offer to acquire the common shares of BlackRock to be wholly unconditional,” it said.

Shell Canada has also extended its offer to June 27 to allow BlackRock shareholders an additional opportunity to tender their remaining shares.

Shell Canada, 78-percent owned by Royal Dutch Shell, launched its C$2.4 billion ($2.16 billion) cash offer for BlackRock on May 8 as part of its push to become the dominant operator in Canada’s oil sands.

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