Suncor doubles down with Canadian Oil Sands takeover
The company’s $4.5bn deal for Canadian Oil Sands makes it the undisputed champion of the oil sands. It’s a big bet on a recovery in prices
Capitulation and retreat: they aren’t kind words but they describe the situation facing Canadian oil sands producers in the face of sub-$30 oil prices. Now the strongest of the plays’ producers has pounced on a rival – and taken a big gamble that oil prices will eventually justify the move. On 18 January, Canadian Oil Sands, the largest working-interest owner in the world’s largest oil sands mine, Syncrude Canada, finally gave up after a prolonged and acrimonious hostile takeover bid from one of its partners, Suncor. The defeat represented the first major piece of M&A activity in global oil this year, and probably won’t be the last. After a bitter fight which saw Canadian Oil Sands take
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