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Gold/Mining/Energy : Canadian Oil & Gas Companies

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From: stan_hughes	10/23/2006 4:26:14 AM
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Shell trying to pull a fast one by scooping its Canadian subsidiary while the chips are down -- check out the chart action and then read the story -- stockcharts.com Shell to buy out minorities in Canada unit Anglo-Dutch oil producer Royal Dutch Shell Plc (RDSa.L)(RDSb.L) said on Monday it will offer to buy the minority interests in Shell Canada Limited (Toronto:SHC.TO - news) for a cash price of C$40 per share. "This proposal would value Shell Canada Limited's fully diluted minority share capital at approximately C$7.7 billion ($6.8 billion)," Royal Dutch Shell, which owns a 78-percent stake in Shell Canada Limited, said in a statement. Shell Canada shares closed at C$32.80 on Friday. "Once Shell Canada Limited is fully combined with the group, the business will benefit from a simplified organization, additional economies of scale and portfolio development in the context of the group's global strategy," Royal Dutch Shell said. Shell said its bid for the Canada unit, which has a substantial position in Canada's oil sands, would be conditional on more than 50 percent of the outstanding shares held by minority investors being tendered. "Our proposal should create the opportunity for the group to build further on a strong position in Canada," Royal Dutch Shell Chief Executive Jeroen van der Veer said in a statement. news.yahoo.com

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