French major Total looks to have finally figured out a way to snap up Canadian oil sands firm UTS Energy, but the headline C$1.5 billion (US$1.4billion) price tag - much higher than the unsuccessful takeover bids that Total submitted last year - is not quite what it seems. Total’s Canadian subsidiary and UTS inked an agreement Wednesday that would give the French major control of a 20% stake in the Suncor-operated Fort Hills oil sands project, which holds bitumen resources estimated at 3.4 billion barrels (680 million net to UTS). Under the agreement, Total would pay C$3.08 per share to acquire UTS, pegging the deal at around C$1.5 billion.
展开▼
