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Reuters: Large Shell Canada shareholder ends holdout on bid

Mon Mar 19, 2007 9:08 PM GMT

CALGARY, Alberta, March 19 (Reuters) – Jarislowsky Fraser Ltd. will tender its 29.5 million Shell Canada Ltd. (SHC.TO: Quote, Profile , Research) shares to Royal Dutch Shell’s (RDSa.L: Quote, Profile , Research) buyout offer for the minority of its Canadian unit, the money manager’s chief investment officer said on Monday.

Jarislowsky Fraser had opposed the C$45 a share offer, arguing it undervalued Shell Canada. However, after 53 percent of the company’s minority shares were tendered to the bid last week, the firm conceded defeat.

“It’s unfortunate that when you have 47 percent of the minority not tendering you are still in a position to be squeezed out,” said Len Racioppo. “But that’s what is going to happen.”

($1=$1.18 Canadian)

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