CALGARY, Alberta, July 21 - Suncor Energy Inc (SU.TO) cleared the last hurdle for its C$22.5 billion ($20.5 billion) takeover of Petro-Canada (PCA.TO) on Tuesday when it agreed with Canada's Competition Bureau to sell several retail sites in Ontario.
With the bureau's approval, Suncor can complete the deal to create Canada's biggest oil company by August 1, it said.
As part of the agreement, Suncor must divest 104 gas stations in southern Ontario, where both companies operate retail networks, and sell storage and distribution network capacity in the Toronto area, the bureau said.
($1=$1.10 Canadian)
With the bureau's approval, Suncor can complete the deal to create Canada's biggest oil company by August 1, it said.
As part of the agreement, Suncor must divest 104 gas stations in southern Ontario, where both companies operate retail networks, and sell storage and distribution network capacity in the Toronto area, the bureau said.
($1=$1.10 Canadian)
