Cenovus to buy Husky Energy in all-stock deal worth $23.6 billion - Financial Post

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Husky shareholders will receive 0.7845 of a Cenovus share and 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share, according to the statement.

The combined company is expected to generate annual synergies of $1.2 billion and will operate as Cenovus Energy Inc with headquarters in Alberta, Canada, the statement said.

Cenovus CEO Alex Pourbaix will serve as chief executive of the merged company with Jeff Hart, currently Husky’s finance chief, becoming chief financial officer.

Cenovus said the combined company will be the third largest Canadian oil and natural gas producer with production of 750,000 barrels of oil equivalent per day (BOE/d) of low-cost oil and natural gas.

The transaction has been unanimously approved by the boards of directors of Cenovus and Husky and is expected to close in the first quarter of 2021, the companies said.

© Thomson Reuters 2020

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2020-10-25 13:06:10Z
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