Oil Sands Co. UTS rejected Total’s Increased $830 Mln offer
Would-be oil sands developer UTS Energy Corp. rejected a sweetened C$830 million takeover bid from French oil major Total SA late Thursday by reporting the increased price was still inadequate.
Dennis Sharp, chairman of UTS’ board of directors, stated:
Several of our largest shareholders have publicly stated their ongoing opposition to, and displeasure with, Total’s bid.
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Sun, Apr 19, 2009
Post by Melissa Pistilli, Heavy Oil Senior Reporter