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SUN COMPANY TO SELL 13 PERCENT OF SUNCOR SHARES

 PHILADELPHIA, April 30 /PRNewswire/ -- Sun Company, Inc. (NYSE; SUN) announced today that it has accepted an offer from a group of Canadian underwriters led by Burns Fry Limited to purchase 6,824,635 common shares of Suncor Inc., at C$27 per common share.
 The shares being sold represent 13 percent of the currently outstanding shares of Suncor. The sale, which is expected to be concluded in May, will reduce Sun Company's ownership of Suncor to approximately 55 percent. Gross proceeds of the sale will amount to C$184 million (US $145 million).
 The underwriting group, which includes Gordon Capital Corporation, R.B.C. Dominion Securities Inc., will offer the shares to the public in Canada, in Europe, and by way of private placement in the United States.
 Sun Company, headquartered in Philadelphia, is engaged principally in retail gasoline marketing in the Northeastern United States, petrochemical sales throughout the United States, sales of lubricants worldwide, and the operation of domestic pipelines and terminals.
 Suncor is a Canadian integrated oil and gas company. In addition to operating the world's first commercial oil sands plant, Suncor explores for and produces conventional crude oil and natural gas in Western Canada. The company also markets natural gas in Canada and the United States. It owns and operates a 70,000-barrel-a-day refinery in Sarnia, Ontario, and manufactures, distributes, and markets transportation fuels, petrochemicals, and heating oil under the Sunoco brand name.
 /delval/
 -0- 4/30/93
 /CONTACT: Katie Turner of Sun Company, 215-977-6106, or Patricia O'Reilly of Suncor, 416-733-7301/
 (SUN)


CO: Sun Company Incorporated; Suncor Inc.; Burns Fry Limited ST: Pennsylvania IN: OIL SU:

MP -- PH004 -- 3051 04/30/93 08:58 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
Words:278
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