Total E&P Canada Completes Acquisition of Synenco Energy

abarrelfullabarrelfull wrote on 29 Mar 2013 14:39

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Aug. 6th 2008

Total E&P Canada Limited ("Total Canada"), a wholly-owned subsidiary of Total S.A., announces that it has taken up approximately 94% of the issued and outstanding common class "A" voting shares (the "Common Shares") of Synenco Energy Inc. ("Synenco") pursuant to its offer and take-over bid circular dated May 13, 2008, as amended.

The previously announced offer by Total Canada to acquire the Common Shares for $10.25 in cash for each Common Share expired at 7:00 p.m. (Calgary time) on August 5, 2008. Approximately 49.6 million Common Shares were deposited to the offer as of the expiry time on August 5. As all of the conditions to the offer have been satisfied, Total Canada has given instructions to the depositary to take up all of the Common Shares deposited to the offer and will pay for such shares in accordance with applicable securities laws and the acquisition agreement between Total Canada and Synenco.

Total Canada will immediately acquire all of the remaining Common Shares not deposited under the offer pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta). Total Canada expects to cease the reporting issuer status of Synenco and to delist the Common Shares from the Toronto Stock Exchange as soon as practicable.

The total purchase price payable by Total Canada for the acquisition of all of the outstanding Common Shares will be approximately $541 million. All of the members of the Synenco board of directors will resign and will be replaced with the nominees of Total Canada following the payment by Total Canada for the shares taken up on August 5.

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