The Competition Bureau, an independent Canadian law enforcement agency, has approved the merger of Suncor Energy, a Canadian integrated energy company, and Petro-Canada, istock analysis reported.
As part of the agreement, the companies will maintain retail and wholesale competition in Ontario, including divesting 104 retail locations, and will enter into certain supply and throughput arrangements in Ontario for the next 10 years.
Suncor and Petro-Canada intend to make the merger effective on Aug. 1.
“The bureau’s review process was very intensive and thorough. We are satisfied that the resulting terms will preserve the expected benefits of the merger and maintain a competitive refined products market in Ontario,” said Rick George, president and CEO of Suncor, who will continue in the same role in the merged company.