Renewed oil price rout makes Suncor’s hostile takeover bid difficult to predict
The renewed fall in oil prices is making it difficult to predict the outcome of Suncor Energy Inc.’s hostile takeover offer for Canadian Oil Sands Ltd. “The change in the oil price makes this an interesting poll to call,” Br- endan Wood Internation al managing director Jordan Novak said in a release Friday. That’s because COS’s share price is 98 per cent correlated to t-he price of oil, and West Texas Intermediate oil prices have tumbled to below US36 per barrel this week. Brendan Wood has been polling COS investors and asking whether they were in favour of Suncor’s $ 4.5- billion takeover offer. The firm said its poll shows 60 per cent of CO-S’s institu tional investors are in favour of the deal.