Shareholders voted in favour Wednesday of a proposal which will see privately held Strathcona buy them out in an all-stock deal, creating a combined company with an initial market capitalization of $8.6 billion.The Calgary-based companies say the merger will create what will be the fifth largest oil producer in Canada, with production of 185,000 barrels of oil equivalent per day.
The merged company will retain the Strathcona Resources name and will be led by Strathcona executive chair Adam Waterous and current CEO Rob Morgan.This report by The Canadian Press was first published Sept. 27, 2023.