Suncor Energy has cleared the final hurdle in its $20.5 billion takeover bid for Petro-Canada. The deal, first announced in March, gained approval from Canada’s Competition Bureau on Tuesday. The sign-off means the merger creating Canada’s largest oil company is on track to close by Aug. 1.
The two companies signed a merger agreement on March 22 after an intense period of negotiations that involved about 150 lawyers and financial advisers. (We highlighted the efforts of Blake, Cassels & Graydon‘s newly minted chair, Brock Gibson, in advising Suncor on its bid back in March.)
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