Total, a Paris- based energy giant, has made a C$617 million all-cash bid for purchasing UTS Energy Corp of Calgary. 

This perhaps is the first takeover bid in the oil sector since the economic meltdown due to staggering oil prices. Total would bid C$1.30 cash per UTS share, a 51% premium over the stock price for the past one month.  

"This acquisition is in line with Total's strategy of optimizing its heavy oil operations in the Athabasca region, an industry segment with significant long term development potential," Total said in an official release.

UTS had reported a third-quarter loss of $936,000 in Sept. 30, compared with a net loss of $839,000 for the same period last year. Revenues were $2.9 million compared to $1.8 million last year.  

The main asset of UTS is its 20-per-cent stake in the Fort Hills Project, located in the Athabasca region of Alberta. The partners in project also include Petro-Canada (TSX:PCA) with a 60-per-cent interest and Teck Cominco Ltd. (TSX:TCK.B) with the other 20 per cent.

Total deals chiefly with oil and gas exploration, production and development.  It is also involved in  refining, marketing and shipping of crude oil and petroleum products. It also produces base and specialty chemicals for the industrial and consumer markets. The company also has interests in the coal mining and power generation sector.