Business
Shell Canada flags update on Royal Dutch Shell Offer
Shell Canada flags update on Royal Dutch Shell Offer.
About this update from Mapath Capital Corp
[{"type":"text","content":"\n\n\n\nCALGARY, March 17 /CNW/ - Shell Canada advises that Royal Dutch Shell\nmade the following announcement regarding the status of its takeover bid as of\nMarch 16, 2007 and the extension of its offer to March 30, 2007. During the\nextended offer, Shell Canada will continue to press ahead with its operations\nand projects.\n\n\n"Shell Investments Limited" ("SIL"), a wholly-owned subsidiary of Royal\nDutch Shell plc, announced that as at 8:00 p.m. (Toronto time) on March 16,\n2007 (the "Initial Expiry Time") 96,985,322 common shares in the capital of\nShell Canada Limited ("Shell Canada") were validly deposited to SIL's offer to\nacquire, at a price of C$45.00 cash per common share, all of the outstanding\ncommon shares of Shell Canada not already owned by SIL or its affiliates (the\n"Offer").\n\n\nAs the minimum deposit condition under the Offer has been met, SIL has\ntaken up and accepted for payment all of the common shares validly deposited.\nThe common shares taken up and accepted for payment represent approximately\n53.1% of the outstanding common shares of Shell Canada not already owned by\nSIL or its affiliates. SIL or its affiliates now own 740,294,180 common shares\nof Shell Canada or approximately 89.6% of the outstanding common shares of\nShell Canada. Payment will be made on or before Wednesday, March 21, 2007 to\nShell Canada shareholders who have validly deposited their common shares under\nthe Offer.\n\n\nSIL also announced today that it has extended the Offer to 8:00 p.m.\n(Toronto time) on March 30, 2007. SIL expects to mail a formal notice of\nextension to Shell Canada shareholders shortly.\n\n\nRoyal Dutch Shell Chief Executive Jeroen van der Veer commented "This is\na positive outcome, and a further step towards building on our strong position\nin Canada, using the strengths that only a company of our global scale can\nbring. This is an opportunity to create an integrated unconventional oil\nbusiness on an international scale."\n\n\nLegal Notice\n\n\nThis release does not constitute an offer to purchase or a solicitation\nof an offer to sell securities. Shareholders are advised to review the notice\nof extension and any other relevant documents filed with securities regulatory\nauthorities by Royal Dutch Shell plc and Shell Canada Limited because...