I don't understand today's price drop but below can't hurt.
News from Reuters
UTS Energy shares drop as Total withdraws offer
PARIS (Reuters) - French oil major Total SA said on Tuesday it abandoned its C$830 million ($680 million) bid for Canadian oil sands developer UTS Energy Corp after Total failed to win over enough shareholders.
The move prompted an 8 percent drop in UTS shares on the Toronto Stock Exchange. Shortly after the open, they were down 12 Canadian cents at C$1.46.
Earlier this month, UTS had rejected Total's sweetened offer, arguing the bid undervalued the company. UTS is best known for its 20 percent stake in the Fort Hills oil sands project in Alberta, operated by Petro-Canada .
UTS has said it is looking at other ways to boost its shares.
Michael Borrell, the head of Total's Canadian division, said in a statement that Total remained committed to its investments in Canada and would continue to look for ways to expand in the oil sands sector.
($1=$1.22 Canadian)
(Reporting by Jeffrey Jones; editing by Peter Galloway)
