Cenovus, Husky shareholders OK merger deal

Dec. 15, 2020 4:21 PM ETCenovus Energy Inc. (CVE), HUSKFCVE, HUSKFBy: Carl Surran, SA News Editor8 Comments
  • Cenovus Energy's (CVE +1.3%) C$6B (US$4.78B) purchase of Husky Energy (OTCPK:HUSKF +0.5%) is approved by the shareholders of both companies, creating Canada's third largest oil and gas producer.
  • Cenovus says 93% of shareholder votes approved the merger at a special meeting, while Husky announced earlier in the day that the deal was OK'd with more than 99% of votes cast in favor at its meeting.
  • The deal is expected to close in January, after which Cenovus shareholders would own 61% of the combined entity and Husky shareholders the rest.
  • The shareholder approvals come as the recent recovery in oil prices has vaulted the value of the all-stock acquisition by ~60% from its initial C$3.8B valuation in late October, when the deal was first announced.
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