07:07:39 EDT Fri 29 Mar 2024
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Suncor Energy Inc
Symbol SU
Shares Issued 1,446,541,804
Close 2015-10-06 C$ 34.87
Market Cap C$ 50,440,912,705
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FP says Suncor's COS bid seen as sign market oversold

2015-10-07 09:45 ET - In the News

Also In the News (C-COS) Canadian Oil Sands Ltd

The Financial Post reports in its Wednesday edition Suncor Energy's hostile takeover bid for Canadian Oil Sands is another sign the hard-hit energy sector has hit a "bumpy bottom." The Post's Geoffrey Morgan quotes Martin King, vice-president of institutional research at FirstEnergy, as saying: "These signs, of mergers and whatnot, do suggest a bottom and there could be more consolidation coming. When you look at these cycles over time and you start to get consolidation, that's usually a sign you're at the bottom." Suncor on Monday announced that it had already been rebuffed twice by Canadian Oil Sands and is now taking a $4.3-billion all-share bid for the company directly to shareholders. Many analysts believe Suncor could sweeten the deal to win over shareholders. BMO analyst Randy Ollenberger said in a note that COS shares were trading above the implied value of the deal, which is $8.65 per share, "suggesting that the market anticipates that Suncor raises its offer or there is a competing bid." He believes that a competing offer is unlikely. Laura Lau at fund manager Brompton Group said hostile takeovers in the Canadian oil patch are rare, but when they do happen, "The first bid is never the last bid."

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