Shareholders vote for Petro-Canada takeover
Shareholders of Petro-Canada and Suncor Energy have overwhelminglyapproved a combination of the two oilpatch icons into Canada’s largestenergy producer.
Shareholders of Petro-Canada and Suncor Energy have overwhelmingly approved a combination of the two oilpatch icons into Canada’s largest energy producer.
About 96 per cent of the votes cast Thursday at a Petro-Canada shareholder meeting and 98 per cent of the votes cast at a separate Suncor meeting in Calgary were in favour of the $19-billion deal, which will combine two of the country’s largest oil and gas producers.
Suncor is the oldest producer in the northern Alberta oilsands, with operations since the late 1960s. The company also owns a Sunoco gasoline station network in Ontario and refining and Phillips66-branded gasoline stations in the Denver area of the United States.
Petro-Canada will maintain its brand on more than 1,500 gasoline retail and wholesale outlets, but the corporate entity will disappear after the takeover by Suncor.