The Canadian subsidiary, TotalEnergies EP Canada, is expected to have an equity valuation of between $2-billion and $3-billion
moved closer to launching the largest Canadian initial public offering in two years, as it detailed plans to spin out its Alberta oil sands business.the company disclosed that it is aiming to hand out 70 per cent of its oil-sands operation to its shareholders later this year through a special dividend, and list the subsidiary, known as TotalEnergies EP Canada, on the Toronto Stock Exchange. Total will initially retain a 30-per-cent stake in its Calgary-based offspring.
The Canadian subsidiary has about 160 employees and is expected to have an equity valuation of between $2-billion and $3-billion. At that size, Total’s Canadian debut could be worth more than all the IPOs done on the TSX last year, when 88 businesses raised a total of $2.02-billion. Total announced plans to spin out its oil sands projects last year. “We are not the best shareholder of these assets because, as we have a climate strategy, we don’t want to invest in these assets,” chief executive Patrick Pouyanné said at the time.
which is also exiting the oil sands. “By seizing this opportunity to grow its business under attractive conditions, TotalEnergies EP Canada will deliver value to the future shareholders of the spinoff entity,” Total chief financial officer Jean-Pierre Sbraire said at the time.
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