Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Summary: Royal Dutch /Shell plans to buy the remaining 22% of Shell Canada that it doesn't currently own for C$7.7 billion (US $6.8 billion). PR Newswire reported that the European company plans to offer C$40 for Shell Canada stock, a 22% premium over last Friday's closing price. Royal Dutch is looking to control the Canadian company's oil sands activities, which take place in Alberta's Athabasca region. Shell Canada expects this particular project to cost as much as C$12.8 billion. Overall, the Canadian National Energy Board forecasts that approximately C$125 billion will be spent to triple production on oil sands projects in the country.
Related Links: Oil: Prices and Producers -- Where They're Headed • Canadian Oil Sands Stocks Take a Hit, Recovery Uncertain • Falling Oil Prices: Producers Are Playing a Game of Chicken • PR Newswire: Royal Dutch Shell plc Proposes to Acquire the Minority Shares in Shell Canada Limited
Potentially impacted stocks and ETFs: Stocks: Royal Dutch/Shell (NYSE:RDS.A), Chevron (NYSE:CVX), Canadian Natural Resource (NYSE:CNQ), Nexen Inc. (NXY), Suncor Energy Inc. (NYSE:SU) • ETF's: Claymore Oil Sands ETF [CLO on TSX],
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