The surprise deal announced Sunday will see Husky shareholders receive 0.7845 of a Cenovus share plus 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share.
The companies say the price, which values Husky at $3.8 billion, represents a 21 per cent premium, excluding warrants, to Husky's five-day volume-weighted average price per share on Friday, but Cenovus CEO Alex Pourbaix said Sunday that's more a result of recent stock market volatility than intent. Cenovus shareholders would own about 61 per cent of the combined company and Husky shareholders about 39 per cent.
The transaction must be approved by at least two-thirds of Husky's shareholders but Hong Kong billionaire Li Ka-Shing controls 70 per cent of Husky's shares and has agreed to vote them in favour of the deal. Sunday's announcement comes just as Calgary's oilsands companies are about to start rolling out third-quarter financial results, with Suncor Energy Inc. set to report Wednesday and both Cenovus and Husky scheduled to report on Thursday.Related Stories
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Cenovus to buy Husky Energy in $23.6B deal, company to stay in AlbertaCenovus Energy Inc. will buy Husky Energy Inc. in an all-stock transaction valued at $23.6 billion, the Calgary-based companies said Sunday in a joint announcement. Is Cenovus merging with a company that is 70% owned by a Chinese company? In an “all stock” deal what portion of Cenovus will be in the hands of Chinese investors? What about the South China Sea property ? And oil companies suffering? What total bullshit. Why is sleazy weasel handing them billions of dollars?
Source: CTVNews - 🏆 1. / 99 Read more »
Cenovus to buy Husky for $3.8 billion to create Canada’s No. 3 energy companyDeal the largest in the Canadian energy sector since the start of the pandemic
Source: VancouverSun - 🏆 49. / 61 Read more »
Cenovus to buy Husky for $3.8 billion to create Canada’s No.3 energy companyDeal the largest in the Canadian energy sector since the start of the pandemic Great news. At least it will be possible to call up somebody in the land department at Cenovus and actually talk to a dealmaker. There have been almost no dealmakers working at Husky for decades, just paper shufflers and people who said nothing but no. cdnpoli illtalktotheteam
Source: nationalpost - 🏆 10. / 80 Read more »
Cenovus to buy Husky Energy in $23.6B deal, company to stay in AlbertaCenovus Energy Inc. will buy Husky Energy Inc. in an all-stock transaction valued at $23.6 billion, the Calgary-based companies said Sunday in a joint announcement. Is Cenovus merging with a company that is 70% owned by a Chinese company? In an “all stock” deal what portion of Cenovus will be in the hands of Chinese investors? What about the South China Sea property ? And oil companies suffering? What total bullshit. Why is sleazy weasel handing them billions of dollars?
Source: CTVNews - 🏆 1. / 99 Read more »