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Suncor has called its offer “compelling,” noting a 43 per cent stock price premium and a dividend increase of 45 per cent, and adding the combined company would be financially stronger, more diversified and more stable in any oil price environment.

The deal would give Suncor, now with 12 per cent of Syncrude, a working interest of about 49 per cent.

Newell said as CEO he found that dealing with a great many owners was difficult at times but he disagreed that Syncrude — plagued by high cost and operational issues over the years — would be better operated if it had one major owner.

“There were times when I was very envious of (former Suncor CEO) Rick George, you know, only having to deal with one board instead of nine or 10 — because I had up to 10 owners when I was there,” said Newell, who credited intensive strategic planning with getting the owners in line.

“When I came in as CEO in 1989, we had eight owners, four that wanted to grow and four that wanted to either divest or harvest. When you’re that far apart, you can’t get together.”

He said the current low oil price environment serves as a warning to oilsands players that they have to reduce costs, which were driven to unsustainable levels by the overheated building boom of a few years ago.

“It’s going to be painful but they need wring that out,” he said. “It does not take going back to $100 US per barrel for the industry to be profitable. This industry should be profitable at $60 a barrel. And you can quote me on that.”