Content area
Abstract
(Marketwire - May 1, 2009) - Suncor Energy Inc. (Suncor) and Petro-Canada (Petro-Canada) today reported that each company has filed the Joint Information Circular and Proxy Statement (Circular) with securities regulators in Canada and the United States. The Circular has been filed on the SEDAR website (www.sedar.com), the Securities Exchange Commission's (SEC's) website (www.sec.gov) and is available on the joint merger site at www.suncorpetro-canada.com. Shareholders of record on April 28, 2009 will receive a paper copy of the Circular by mail unless they have previously opted to receive materials electronically.
The Circular includes an amended version of the Plan of Arrangement. The amendments include additional steps providing individual Suncor and Petro-Canada shareholders, resident in Canada, an election to effect a realization of a capital gain (or a capital loss) for Canadian federal income tax purposes in connection with the proposed merger. The merger will generally be tax-deferred for Canadian and U.S. federal income tax purposes for Suncor and Petro-Canada shareholders who do not, or are not eligible to, make such an election. In addition, the Plan of Arrangement was amended so that no one person may own or control, directly or indirectly, more than 20% of the outstanding shares of the merged company immediately after the completion of the proposed transaction. The Circular also includes the proposed Board of Directors and executive officers for the merged company.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Suncor, Petro-Canada or the merged company are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (http://www.sedar.com/), the SEC's website (http://www.sec.gov/) or, in the case of Suncor, at Suncor's website (http://www.suncor.com/), and in the case of Petro-Canada, at Petro-Canada's website (http://www.petro-canada.ca/).