From the Calgary Sun
Shell Canada Ltd. has completed its $2.4-billion takeover of BlackRock Ventures Inc., both companies announced today.
BR Oil Sands Corp., a wholly-owned subsidiary of Shell Canada, has acquired over 99% of BlackRock’s common shares and the company will now work under the Canada Business Corporations Act to garner the remaining shares.
Following that compulsory acquisition, BR Oil Sands plans to de-list BlackRock from the Toronto Stock Exchange.
Shell Canada announced the takeover in May and the offer was extended twice to allow BlackRock shareholders a chance to tender their shares.
BlackRock’s bitumen processing facility in Seal was significantly damaged by a fire late last month, limiting production capacity.
The company has oilsands holdings in Peace River and Cold Lake, as well as operations in the Lloydminster area.
Shell Canada has an integrated bitumen mining and upgrading operation in the Athabasca region and in-situ facilities in Peace River.
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