Total to buy Synenco Energy for $471m
Paris, April 28, 2008
French oil major Total said on Monday it had agreed to buy Canada's Synenco Energy for around C$480 million ($471 million), in a deal that will strengthen Total's heavy oil portfolio.
Total said it would offer C$9 for each Synenco share - representing a premium of around 15.5 per cent to Synenco's Friday closing price of C$7.79.
Total added that the offer had been unanimously approved by Synenco's board of directors.-Reuters