AIMCo opposes Total Energy Services' bid to buy Savanna
Savanna Energy Services Corp (TSX: SVY) announced that its investor, Alberta Investment Management Corp (AIMCo), opposes the company's takeover by Total Energy Services Inc (TSX: TOT). Total announced its intention to acquire the shares of the Calgary contract drilling and oilfield services business last week. AIMCo advised that a change in Savanna's control would result in a change in the terms of its recent financing agreement. This includes a $200 million loan facility, which would become immediately due and payable upon closing should Total acquire Savanna.
29 November 2016•2 mins read
