Cenovus Energy is buying Husky Energy in an all-stock deal valued at $23.6 billion.
The Calgary companies say in a joint announcement that the combined company will be the third largest Canadian oil and natural gas producer, based on total company production.
Husky shareholders will receive 0.7845 of a Cenovus share plus 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share.
Cenovus CEO Alex Pourbaix will head the combined company.
“We will be a leaner, stronger and more integrated company, exceptionally well-suited to weather the current environment and be a strong Canadian energy leader in the years ahead,” said Pourbaix.
“The diverse portfolio will enable us to deliver stable cash flow through price cycles, while focusing capital on the highest-return assets and opportunities. The combined company will also have an efficient cost structure and ample liquidity. All of this supports strong credit metrics, accelerated deleveraging and an enhanced ability for return of capital to shareholders.”
https://news.google.com/__i/rss/rd/articles/CBMiYWh0dHBzOi8vd3d3LmNhc3RhbmV0Lm5ldC9uZXdzL0J1c2luZXNzLzMxNDQyNy9DZW5vdnVzLXRvLWJ1eS1IdXNreS1FbmVyZ3ktaW4tZGVhbC12YWx1ZWQtYXQtMjMtNkLSAQA?oc=5
2020-10-25 12:49:00Z
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