CALGARY, Canada -- Suncor Energy and Petro-Canada have agreed to merge. Upon completion of the transaction, the combined entity will operate corporately and trade under the Suncor name.
The merged company's board of directors is expected to comprise 12 directors, including eight members from Suncor's current board and four members from Petro-Canada's current board. John Ferguson, Suncor Energy chairman, will serve as chairman of the board of directors of the merged company. Rick George, president and CEO of Suncor, will also serve in the same role for the merged company.
The companies anticipate that the proposed merger, which is subject to government and shareholder approval, will be completed in the third quarter.
"This merger creates a made-in-Canada energy leader with the assets, cost structure, and financial strength to compete globally," says Rick George, president and CEO of Suncor. "The combined portfolio boasts the largest oil sands resource position, a strong Canadian downstream brand, solid conventional exploration and production assets, and low-cost production from Canada's east coast and internationally."