Statoil News

Statoil to acquire North American Oil Sands Corporation

Stock market announcement, 2007 04 27

Statoil ASA and North American Oil Sands Corporation (NAOSC) announced today that they have entered into an acquisition agreement whereby Statoil will make an all-cash offer to acquire all shares of NAOSC at a price of CAD 20 per share.

The total transaction value is approximately CAD 2.2 billion, equivalent to about USD 2 billion….

Full details of the offer will be included in a takeover bid circular and related documents which will be filed with securities regulators and mailed to NAOSC security holders by 15 May 2007.

The transaction is expected to close by the end of the second quarter of 2007….
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