Total Withdraws Offer For UTS, Minimum Condition Not Met
28 April 2009 - 11:08PM
Dow Jones News
French oil giant Total SA (TOT) said Tuesday that it has
withdrawn its offer for Canadian would-be oil-sands developer UTS
Energy Corp. (UTS.T) as the minimum codition was not met.
In a statement, Total said the minimum condition was that "there
shall be at least 66.67% of the common shares validly deposited
under the offer and not properly withdrawn at the expiry date."
Total noted that its offer to acquire all outstanding common
shares of UTS for 1.75 Canadian dollars a share expired at 2000
Toronto time on April 27.
The offer was made through Total's wholly-owned subsidiary Total
E&P Canada Ltd.
Total also said that its Canadian subsidiary "remains committed
to its current activities and investments in Canada and will
continue to implement its willing strategy in the oil sands."
Company Web site: www.total.com
-By Alice Dore, Dow Jones Newswires; +33 1 4017 1740;
alice.dore@dowjones.com