Home / Market / Renewed oil price rout makes Suncor Energy’s hostile takeover bid for Canadian Oil Sands difficult to predict
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Renewed oil price rout makes Suncor Energy’s hostile takeover bid for Canadian Oil Sands difficult to predict

A tailings pond at a Suncor oilsands mine.

CALGARY – The renewed fall in oil prices is making it difficult to predict the outcome of Suncor Energy Inc.’s hostile takeover offer for Canadian Oil Sands Ltd.

“The change in the oil price makes this an interesting poll to call,” Brendan Wood International managing director Jordan Novak said in a release Friday.

That’s because COS’s share price is 98 per cent correlated to the price of oil, and West Texas Intermediate oil prices have tumbled to below US$36 per barrel this week following OPEC’s decision last week to pump high volumes of oil without a production quota.

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