Suncor raises bid for Canadian Oil Sands, gets $6.6B deal

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CBC News Posted: Jan 18, 2016 6:52 AM ET Last Updated: Jan 18, 2016 6:52 AM ET

Suncor Energy and Canadian Oil Sands have come to terms on a $6.6-billion deal that ends a months-long public battle between the two Calgary-based companies.

Suncor (TSX:SU) has increased how much stock it will pay to buy COS, which had said the previous offer was too low.

Canadian Oil Sands (TSX:COS) shareholders are now being offered 0.28 of a Suncor share — about 12 per cent more than before.

The total price includes $2.4 billion in debt that Suncor will assume.

The companies issued a joint statement saying both boards of directors and major Canadian Oil Sands investor Seymour Schulich are supporting the revised offer.

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