The Daily Chase: Glencore's Teck pursuit continues; Suncor to buy TotalEnergies for $5.5B
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Glencore remains committed to buying Teck Resources and is willing to offer more for the Canadian miner.
SUNCOR TO BUY TOTALENERGIES CANADIAN OIL SANDS OPERATIONS
Suncor Energy is spending $5.5 billion to buy TotalEnergies Canadian oil sands business. Once the deal closes, it will give Suncor 100 per cent ownership of Fort Hills and 50 per cent working interest in Surmont, which is operated by ConocoPhillips Canada. “These are valuable oil sands assets that are a strategic fit for us and add long-term shareholder value. The acquisition also introduces flexibility and optionality into our long-range capital plan, providing us with further discretion in respect of the timing and scope of future oil sands developments,” said Suncor's president and CEO Rich Kruger.
META PLATFORMS BOOSTS Q2 OUTLOOK FOLLOWING Q1 BEAT
