"Merger Mania" update - Oct 26

[dan_s]

Cenovus Energy announced Oct. 25 it will acquire Husky Energy for $2.9 billion in an all-stock deal to combine their operations and create Canada's third-largest oil and natural gas producer with output of about 750,000 boe/d as the merger wave in North America sweeps into Alberta. Both Cenovus and Husky have seen shares fall by more than 60% this year amid the ongoing coronavirus pandemic. The two companies with "Canada roots and Calgary values" priced the combined Cenovus at $18 billion, including debt, with the new Cenovus becoming more of an integrated firm and also emerging as the second-largest Canadian-based refiner and upgrader after Suncor.