Canadian Oil Giants Closer To Completing Takeover

By: Associated Press Email
By: Associated Press Email

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Wednesday, July 22, 2009

Canada's competition bureau has approved the merger of Suncor Energy Inc. and Petro-Canada that will create the country's largest energy producer once the deal is complete.

With the transaction clearing a key hurdle on Tuesday, the two companies say they now intend to make their merger final on August 1.

The companies will have to sell 104 gas stations in southern Ontario to fulfill the competition bureau's terms.

Suncor and Petro-Canada announced the merger in March, worth more than $38 billion (US).

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