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Suncor Energy, Petro-Canada shareholders to decide merger on June 4
By Lisa Kerner
Charlotte, N.C., April 23 - Suncor Energy Inc. and Petro-Canada shareholders will be asked to approve a merger of the two companies at separate special meetings on June 4 in Calgary, Alta., it was announced on Thursday.
Petro-Canada shareholders will meet at 11 a.m. ET, and Suncor shareholders will meet at 3 p.m. ET, according to a joint company news release.
As previously reported, Suncor and Petro-Canada agreed in March to combine in a plan of arrangement that gives each company's shareholders a stake in the merged entity.
Petro-Canada common shareholders will receive 1.28 common shares of the combined company for each common share of Petro-Canada they own. Suncor common shareholders will receive one common share of the merged company for each common share of Suncor they own, the companies said.
The transaction is expected to close in the third quarter of 2009.
According to the companies, the combined entity will operate corporately and trade under the Suncor name while maintaining its brand presence of Petro-Canada in refined products.
Suncor president and chief executive officer Rick George will become president and CEO of the merged company.
Eight members of Suncor's current board and four members of Petro-Canada's board will form the board of directors of the combined company, which will be led by Suncor chairman John Ferguson, said the companies.
The combined company will trade on the Toronto and New York stock exchanges under the symbol "SU" once the merger is completed.
Suncor is an integrated energy company based in Calgary, Alta.
Petro-Canada is an oil and gas company also located in Calgary.
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