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Petro-Canada (NYSE: PCZ) will be purchased by Suncor Energy (NYSE: SU), the world's second-largest oil-sands producer, for about $14 billion.
PCZ will receive 1.28 shares in the new company for each of its shares, while SU holders will receive one share. PCZ April option implied volatility closed at 64, below its 26-week average of 71, according to Track Data, suggesting decreasing price movement.
SU April call option implied volatility closed at 82, puts at 89, above its 26-week average of 80, according to Track Data, suggesting larger price movement.
Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.
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