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Suncor Energy has made a $19.2 billion bid to take over Petro-Canada, resulting in a merger of two of Canada's largest energy companies. The deal will create a stronger entity, with Suncor shareholders owning 60% of Petro-Canada and Petro-Canada shareholders owning the remaining 40%.
Suncor Energy has made a bid to take over Petro-Canada. The $19.2 billion deal will create a stronger entity in the Canadian energy market. Suncor is the third largest Canadian energy producer, while Petro-Canada is the sixth largest. The merger is expected to provide stability in volatile markets and create opportunities for large-scale projects. Petro-Canada shares rose 24% after the announcement, while Suncor shares rose 5%. The deal is seen as a strategic move to compete in a challenging global market.
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