Canadian Oil Sands Defends Against Hostile Bid From Suncor

Canadian Oil Sands Ltd. (COS) is urging its shareholders to turn down a hostile takeover offer by Suncor Energy Inc. (SU) to buy the company, saying Suncor was unfairly seeking a bargain in a period of low oil prices.The current low price of oil has led to mergers in Canada’s oil sands industry, which sells its oil for some of the lowest prices in the world but has the highest recovery costs. On Oct. 5, Suncor offered to pay $3.29 billion for COS in an effort to gain a greater share of Syncrude Canada Ltd., the country’s largest producer…

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Canadian Oil Sands Defends Against Hostile Bid From Suncor

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