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Total makes $502m bid for UTS Energy

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News wires

France’s Total said it was launching a C$617 million (US$502 million) takeover bid for UTS Energy to gain a stake in the delayed Fort Hills oil sands project in Canada.

 

Total, which already has extensive interests in Alberta’s oil sands, said it was bidding C$1.30 cash per UTS share, a 51% premium over the small developer’s share price over the past 30 days on Toronto Stock Exchange.

UTS has a 20% stake in Fort Hills, the Petro-Canada-operated project that the partners put on hold after costs ballooned to more than C$21 billion last year, said a Reuters report.


Tuesday, 27 January, 2009, 23:58 GMT  | last updated: Tuesday, 27 January, 2009, 23:58 GMT

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