Energy

French Company Surrenders in Takeover Battle (TOT, SU, PCZ, TCK)

French supermajor oil company Total SA (NYSE:TOT) has let its offer for Canada’s UTS Energy Corporation expire. Total failed to get tenders for two-thirds of UTS’s shares, and has directed the tender depositary to return all deposited common shares of UTS.

Total last week raised its offer for UTS to CDN$1.75/share. The initial offer was made in late January at about CDN$1.30 (CDN$617 million). Total had hoped to add to its position in the Canadian oil sands play, but the proposed merger between Suncor Energy Inc. (NYSE:SU) and Petro-Canada (NYSE:PCZ) makes this offer for UTS less important.

UTS owns 20% of the Fort Hills project in Alberta, and Total was surely hoping to use that to lever an additional stake from either Petro-Canada, which owns 60% of the project and is the operator, or from Teck Cominco (NYSE:TCK), which owns the remaining 20%. It is now highly unlikely that Suncor will give up Petro-Canada’s share, and Teck’s share isn’t enough to give Total control of the project.

Total shares are off less than 1% in early trading today. The company’s 52-week range is $42.60-$91.34.

Paul Ausick
April 28, 2009

100 Million Americans Are Missing This Crucial Retirement Tool

The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.

Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.

A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.

Click here to learn how to get a quote in just a few minutes.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.