Total moves to boost oil sands involvement
Total E&P Canada has announced an offer to acquire Toronto-listed UTS Energy (UTS) for C$617m.
Total has offered C$1.30 per share - a 57% premium over the closing price of UTS shares on 27 January 2008. The unsolicited proposal is currently being reviewed by UTS's board of directors. The offer will require the acceptance of its shareholders, representing 66.67% of the shares according to Total.
UTS's main asset is a 20% stake in the Fort Hills Project, in the Athabasca oil sands region of Alberta, Canada. Petro-Canada operates the project and holds a 60% stake, with Canadian mining company
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