COMPANIES France’s Total has raised by more than a third its hostile bid for UTS Energy of Calgary, owner of a stake in one of Alberta’s biggest undeveloped oil sands projects.
A Total spokesman said the latest cash offer of C$830m ($679m), or C$1.75 a share, “provides great value and certainty in uncertain times in the oil sands” and was more than double the UTS share price prior to Total’s initial C$1.30 a share bid in late January.
