Sign Up for FREE Daily Energy News
canada flag CDN NEWS  |  us flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • instagram
  • youtube2
BREAKING NEWS:
Copper Tip Energy Services
Copper Tip Energy


Husky shareholders back friendly takeover by Cenovus for $3.8 billion in shares


These translations are done via Google Translate

CALGARY — Husky Energy Inc. shareholders have approved a $3.8-billion all-share takeover bid by rival Cenovus Energy Inc., hours before Cenovus shareholders are widely expected to do the same.

The endorsement by Husky investors was resounding, with more than 95 per cent of votes cast in favour of the acquisition.

Frank Sixt, a director of Husky Energy, told a special shareholder meeting today he’s confident the new company will be more competitive, profitable and sustainable.

The acquisition comes at a pivotal time in Canada’s energy sector as the collapse in oil prices and global pandemic puts pressure on the oil and gas industry.

The combined company would create the third-largest Canadian oil and natural gas producer by total production, one that Cenovus CEO Alex Pourbaix says will better weather energy market volatility while generating more cash flow, reducing debt and cutting overall costs.

The transaction has been approved by both boards and is expected to close in the first quarter of 2021, pending both shareholder and regulatory approvals.

Fluor

This report by The Canadian Press was first published Dec. 15, 2020.

Companies in this story: (TSX:CVE, TSX:HSE)

The Canadian Press



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE