Total E&P Canada Ltd, a wholly-owned subsidiary of French oil titan Total, has revealed that it now has acquired approximately 78% of the issued and outstanding common shares of Deer Creek Energy since making its takeover bid at the start of August 2005.
Total’s Canadian division issued its takeover offer for Canadian oil sands developer Deer Creek of C$31 per share on August 5, 2005. On September 2, Total extended its offer period to September 13, by which time it had secured 78% of Deer Creek’s shares.
However, in the interest of gaining full control of the Canadian oil E&P specialist, Total has now extended its offer to September 26, 2005 to allow additional time for the Deer Creek shareholders who have not deposited their common shares to tender theirs to the offer. Total’s offer values the company at $1.3 billion.