Shareholders of Petro-Canada and Suncor Energy Inc., both based in Calgary, have overwhelmingly approved Suncor’s C$22.2 billion (US$20.2 billion) merger offer, which was made in March (see Daily GPI, March 24). The combined company, which would carry the Suncor brand, would create Canada’s largest oil and gas producer. Petro-Canada shareholders voted 96% in favor of the transaction; 98% of Suncor’s shareholders were in favor. Before it is completed, the transaction requires approval by Canada’s Competition Bureau and an Alberta court. The combination of the two companies is expected to save C$1 billion a year in capital costs and C$300 million annually in operating expenses. Closing is expected by the end of September.

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