On 5 October 2015 Suncor Energy announced an unsolicited takeover offer for Canadian Oil Sands with an all share proposal. The purchasing price equates to Cdn$8.84 per share representing a 43% premium to last Friday s undisturbed price. The proposed offer values the company at Cdn$6.6 billion including Cdn$2.3 billion of net debt. If the transaction completes Suncor would consolidate its existing 12% stake in the Syncrude project to 48.74% becoming a majority shareholder in three out of the six oil sands mining projects in Canada. The outlook for Canadian Oil Sands meanwhile looks finely balanced but we do not believe it is in immediate financial distress.