OTTAWA, March 24 (Reuters) - Canada's main opposition Liberal Party says it will support Suncor Energy Inc's (SU.TO) plan to buy rival Petro-Canada because it will create a dominant player in Canada's oil sands.
Michael Ignatieff, the Liberal leader, told reporters on Tuesday he will back Suncor's plan to create Canada's biggest oil company following briefings held by the chairmen of the two firms.
"We want a Canadian champion in this industry," he said. "That is the justification for this merger."
Query: If the Liberals want a Canadian champion, then why isn't the resultant company being named Petro-Canada as opposed to Suncor........as in Sun Oil Company of Pennsylvania?
This is especially the case, if the resultant company will live by the 20% ownership restriction that previously governed Petro-Canada, and that must be temporarily stayed/waived by the Canadian government to permit this acquisition to proceed?
Stated another way, if the surviving corporate entity will be governed by the 20% ownership limit of the Petro-Canada Public Participation Act , then why would the surviving entity be called anything other than Petro-Canada, and since when are Canadian champions called names that are anything but Canadian in origin?
Tuesday, March 24, 2009
Posted by Fillibluster at 7:35 PM