Total bids C$617 million for oil sands firm UTS

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Total bids C$617 million for oil sands firm UTS

posted on Jan 27, 2009 03:32PM

http://www.reuters.com/article/rbssM...

CALGARY, Alberta, Jan 27 (Reuters) - French oil major Total SA (TOTF.PA) said on Tuesday it was launching a C$617 million ($502 million) takeover bid for UTS Energy Corp (UTS.TO), to gain a stake in the delayed Fort Hills oil sands project in Canada.

Total, which already has extensive interests in Alberta's oil sands, said it was bidding C$1.30 cash per UTS share, a 51 percent premium over the small developer's share price over the past 30 days on Toronto Stock Exchange.

UTS has a 20 percent stake in Fort Hills, the Petro-Canada-operated (PCA.TO) project that the partners put on hold after costs ballooned to more than C$21 billion last year.

($1=$1.23 Canadian) (Reporting by Jeffrey Jones; editing by Rob Wilson)

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