CALGARY, Alberta, Jan. 23 (UPI) -- Shell Canada's board wants shareholders to OK Royal Dutch Shell's $8.7 billion bid for the 22 percent it doesn't already own, Royal Dutch Shell said Tuesday.
"Royal Dutch Shell today announced that it has reached agreement with and obtained the unanimous recommendation of the special committee and board of directors of Shell Canada Ltd. on a revised offer to acquire all of the outstanding common shares of Shell Canada," the parent company said in a statement.
The revised offer is worth the $38.32 a share, up from an initial offer of $34.07.
The Anglo-Dutch company based in The Hague, Netherlands, said it wanted full ownership to benefit from Shell Canada's stake in Alberta's oil sands sector. Oil sands contain a semisolid, degraded form of oil that can be upgraded into synthetic crude oil or refined directly into petroleum products by specialized refineries.
Shell operates in more than 140 countries, including the United States where Shell Oil Co. is one of Shell's largest businesses.