Total’s Canadian division issued its takeover offer for Canadian oil sands developer Deer Creek of C$31 per share on August 5, 2005. On September 2, Total extended its offer period to September 13, by which time it had secured 78% of Deer Creek’s shares.
However, in the interest of gaining full control of the Canadian oil E&P specialist, Total has now extended its offer to September 26, 2005 to allow additional time for the Deer Creek shareholders who have not deposited their common shares to tender theirs to the offer. Total’s offer values the company at $1.3 billion.
