After the deal closes, Cenvous shareholders would own 61 percent of the combined entity, with Husky shareholders controling the rest. Cenovus’ deal for Husky is valued at C$23.6 billion, including debt, the companies said in a joint statement. Cenovus said the deal would create Canada's third-largest producer based on total company output behind Canadian Natural Resources and Suncor Energy. Husky shareholders will receive 0.7845 of a Cenovus share and 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share, according to the statement. Cenovus Chief Executive Pourbaix will serve as chief executive of the merged company with Jeff Hart, currently Husky’s finance chief, becoming chief financial officer.

Source: The Standard October 25, 2020 15:56 UTC