Oil sands firm rejected total bids
Oil sands junior UTS Energy Corp. publicly rejected an unsolicited bid by Total E&P Canada, Friday labeling the French energy giant’s offer as inadequate against a crucial new oil sands discovery and improved financial environment.
William Roach, UTS president and chief executive, stated:
The proposed Suncor/Petro-Canada merger will mean the commitment of a new, more experienced and much larger operator, which should considerably enhance the value of Fort Hills and UTS.
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Mon, Mar 30, 2009
Post by Melissa Pistilli, Heavy Oil Senior Reporter