French oil major Total SA (TOTF.PA) said it had decided to abandon its bid for Canadian oil sands developer UTS Energy Corp (UTS.TO) after Total failed to win over enough shareholders.
Earlier this month, UTS had rejected a sweetened C$830 million ($679.8 million) offer from Total, arguing the bid undervalued the company. UTS added it was looking at other ways to boost its shares.
Michael Borrell, the head of Total's Canadian division, said in a statement that Total remained committed to its investments in Canada and would continue to look for ways to expand in the oil sands sector.
