CALGARY -
The merger of Suncor Energy Inc. and formerly government-owned Petro-Canada, announced early today, will create a $43.3-billion energy giant with retail, refining and production activities across Canada and in several other countries.
Petro-Canada shareholders would own 40 per cent of a new Calgary-headquartered entity that bears the Suncor name, assuming a proposed share swap approved by the boards of the two companies goes through as planned.
The companies, both headquartered in Calgary, both active in the Alberta oilsands and both involved in refining and retailing, say their plan will reduce their costs by $300 million.
