Cenovus, Husky complete merger deal

Cenovus Energy Inc. and Husky Energy Inc. completed their previously announced all-stock merger deal, according to a Jan. 4 news release.

The merger creates the third-largest crude and natural gas producer in Canada based on total company production as well as the second-largest Canada-based refiner and upgrader.

Husky common shareholders received 0.7845 of a Cenovus common share and 0.0651 of a Cenovus common share purchase warrant for each Husky share held. Husky preferred shareholders also exchanged each Husky preferred share for one Cenovus preferred share.

Husky will remain a subsidiary of Cenovus until the companies complete a planned amalgamation that will result in Cenovus becoming the obligor under Husky's existing long-term notes and other direct obligations.

Cenovus common shares will remain listed on the Toronto Stock Exchange and the NYSE under the ticker symbol CVE. Husky common and preferred shares will be delisted by the TSX at market close Jan. 5. The combined company will still be based in Calgary, Alberta.