Shell Canada closer to acquiring BlackRock

Shell Canada Ltd. said a subsidiary is moving closer to completing the $2.4 billion (Can.) takeover of BlackRock Ventures Inc., adding that 92.8% of BlackRock's shares were tendered as of early June 16.

June 16, 2006

By OGJ editors
HOUSTON, June 16 -- Shell Canada Ltd. said a subsidiary is moving closer to completing the $2.4 billion (Can.) takeover of BlackRock Ventures Inc., adding that 92.8% of BlackRock's shares were tendered as of early June 16.

Regulators previously approved the offer, in which Shell offered $24/share for BlackRock, which produces heavy crude oil in the Peace River and Cold Lake regions of Alberta (OGJ, May 15, 2006, Newsletter).

Shell's subsidiary, BR Oil Sands Corp., declared the offer unconditional and also extended the tender offer until June 27.