Suncor agrees to buy Canadian Oil Sands in sweetened deal

Mon Jan 18, 2016 6:46am EST
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Jan 18 (Reuters) - Canadian oil and gas producer Suncor Energy Inc said it reached an agreement to buy Canadian Oil Sands Ltd, after raising the all-stock offer, valuing the deal at about C$6.6 billion ($4.55 billion), including debt.

Suncor will now offer Canadian Oil Sands shareholders 0.28 of a Suncor share for each Canadian Oil Sands share they hold, higher than the initial bid of 0.25 shares offered in October.

Canadian Oil Sands has a 36.7 percent stake in Syncrude, the oil-sands mining consortium in northern Alberta that is Canada's largest single source of crude oil. ($1 = 1.4503 Canadian dollars) (Reporting by Amrutha Gayathri in Bengaluru)