Liberals support Suncor's Petro-Canada acquisition

OTTAWA, March 24 (Reuters) - Canada's main opposition Liberal Party says it will support Suncor Energy Inc's (SU.TO) plan to buy rival Petro-Canada PCA.TO in a share-exchange deal valued at C$18.4 billion ($15 billion) because it will create a dominant player in Canada's oil sands.

Michael Ignatieff, the Liberal leader, told reporters on Tuesday he will back Suncor's plan to create Canada's biggest oil company following briefings held by the chairmen of the two firms.

"We want a Canadian champion in this industry," he said. "That is the justification for this merger."

He declined to say if the Liberals would support the repeal of a law that limits any one stakeholder from owning more than 20 percent of Petro-Canada's shares. (Reporting Randall Palmer, writing by Scott Haggett; editing by Rob Wilson)