Suncor tells takeover target's shareholders ‘hope is not a strategy’

Suitor Suncor Energy has written an open letter to shareholders of reluctant takeover target Canadian Oil Sands (COS), advising that “hope is not a strategy” when it comes to surviving the prolonged downturn in crude oil prices. “We don’t think hope is an appropriate strategy for COS. Why? While no one has a crystal ball when it comes to oil prices, the current market outlook doesn’t see oil prices getting back to $60/bl until at least 2020,” Suncor CEO Steve Williams wrote to COS shareholders.