Total Makes Takeover Bid for Synenco

Includes: SYEYF, TOT
by: FP Trading Desk

Synenco Energy Inc. (OTC:SYEYF) shares were up as much as 17% Monday morning thanks to an all-cash bid for the company by the Canadian subsidiary of French oil company Total (NYSE:TOT).

Total will pay C$480-million or C$9 for each Synenco share outstanding. This is a 16% premium to the April 25 closing price.