Suncor takes control of Syncrude in $937M deal for additional five per cent stake

, Crisis

Suncor's head offices in downtown Calgary.

CALGARY — Suncor Energy is buying another chunk of Syncrude in a $937-million deal that will give it majority control over the massive oilsands project.

The Calgary-based energy giant said Wednesday it has reached a deal to buy Murphy Oil Corp.’s five per cent stake in the mine north of Fort McMurray, Alta.

The deal will increase its interest in Syncrude from just under 49 per cent to nearly 54 per cent.

Suncor completed its acquisition of another Syncrude partner, Canadian Oil Sands, last month following a bitter hostile takeover battle that came to a peaceful resolution in January.

That all-stock deal was worth $6.9 billion at the time of the acquisition, including $2.6 billion in the target company’s debt. It increased Suncor’s Syncrude stake from 12 per cent to 49.

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