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URS acquisition of Flint prompts run on oilsands firms

URS acquisition of Flint prompts run on oilsands firms

22 February 2012

The proposed acquisition of Flint Energy Services by URS has prompted a run on construction and engineering companies in the Alberta oilsands, the Calgary Herald reports.

URS intends to purchase the Calgary-based firm for C$1.25 billion (£798.64 million) and announced this ambition on February 20th.

It wishes to take on C$225 million in debt from Flint and will pay C$25 per share.

The boards of directors from each firm have used negotiation skills and approved the decision unanimously.

Jeff Fetterly, CIBC World Markets analyst, told the publication: "I think there is the potential for additional merger and acquisition activity, especially around business that operate in the oilsands."

By 2020, bitumen production in this industry is set to double, hitting three billion barrels every day.

Shares of Churchill Corp, Mullen Group, Aecon Group and Stantec rose in early trading activity as a result of their activity in the location.

The news source claimed firms in this sector "present tasty opportunities for US and European corporations seeking growth outside of stagnant markets".

Posted by David Gleck

Source: Calgary Herald, February 22nd

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