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Calgary-based Petroamerica is acquiring Suroco Energy in an all-stock deal.
Calgary-based Petroamerica is acquiring Suroco Energy in an all-stock deal.
(Chris Bolin For The Globe and Mail)

Calgary plays host to another energy takeover deal

Petroamerica Oil Corp. on Monday announced an all-share deal with Suroco Energy Inc. Petroamerica will swap each Suroco share for 1.7627 of its own, with the exchange ratio representing a 36.4-per-cent premium over the last day Suroco shares changed hands.

Based on Calgary-based Petroamerica’s last closing price of about 33 cents, each Suroco share is worth about 57 cents, up from 42 cents on April 22. The stock was halted that day, at the request of the company and pending news, according to a press release issued by Investment Industry Regulatory Organization of Canada. In the week prior to the halt, the stock rallied 40 per cent.