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National Post: Western Oil Sands has had no approaches: CFO

Reuters
Monday, March 19, 2007

LONDON — Canadian oil company Western Oil Sands (TSX:WTO) said on Monday it had not received any bid approaches, despite the company being the subject of takeover rumours.

“We haven’t been approached by any parties at this point,” Chief Financial Officer David Dyck told Reuters in an interview.

The company has hired Goldman Sachs and TD Securities to advise on strategic options, including the possible sale of the company, but there was no time schedule for any deal, Dyck told Reuters.

Western Oil Sand Chief Executive Jim Houck said last month he was looking for ways to boost value for shareholders and indicated this could include the possible sale of the company.

Traders have speculated Royal Dutch Shell Plc. might target Western Oil Sands, after the Anglo-Dutch oil major was successful in its bid for most of the shares in Shell Canada Ltd it did not already own.

Western Oil Sands owns a 20 percent stake in the Shell Canada Ltd.-operated Athabasca oil sands project.

Analysts said a deal could value the overall company at $6.1 billion (US$5.18 billion) to $6.6 billion.

Dyck added the company was considering an initial public offering (IPO) of the company’s interests in the Kurdish area of Iraq.

© Reuters 2007

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