Suncor Energy Inc. and Petro-Canada announce that the Competition Bureau has approved the proposed merger of Suncor and Petro-Canada.
The approval is reflected in a consent agreement with the Competition Bureau which will be registered with the Competition Tribunal in Ottawa. Under the consent agreement the companies have agreed to take steps to maintain retail and wholesale competition in Ontario, including divesting 104 retail locations, and entering into certain supply and throughput arrangements in Ontario for a period of 10 years.
With all the conditions necessary to complete the merger satisfied, Suncor and Petro-Canada intend to make the merger effective August 1, 2009.
"The Bureau's review process was very intensive and thorough," said Rick George, who is currently president and chief executive officer of Suncor and will assume the same role in the merged company. "We are satisfied that the resulting terms will preserve the expected benefits of the merger and maintain a competitive refined products market in Ontario."
"With this major milestone behind us, our focus now is to get the final pieces in place to close the deal and launch what will be Canada's premier energy company," said George.
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