The Successful Investor Hotline – Friday, June 5, 2009

Article Excerpt

PETRO-CANADA, $48.43, Toronto symbol PCA, rose 5% on Thursday after its shareholders voted 96% in favour of the proposed takeover offer from SUNCOR ENERGY INC., $38.47, Toronto symbol SU. Suncor shareholders have also approved the merger by 98%. The deal gives Petro-Canada shareholders 1.28 common shares of the new company for each share they own, while Suncor investors will get one share of the merged company for each of their Suncor shares. Suncor shareholders will own 60% of the combined company, while Petro-Canada shareholders will own the remaining 40%. (The new company will operate under the Suncor name.) Competition regulators still have to approve the merger. However, the deal should close by the end of the third quarter. Petro-Canada is a buy. BOMBARDIER INC., Toronto symbols BBD.A $3.45 and BBD.B $3.41, fell 5% this week after it reported quarterly earnings that fell short of the $0.10 a share that analysts were expecting (all amounts except share price in U.S. dollars). In its first quarter, which…