A merger between two Canadian oil and gas companies will be going ahead in the new year.
In a release, Husky Energy says all key regulatory approvals have been obtained and the merger transaction is scheduled to close on January 1st. Once the transaction is complete the combined company will run under the Cenovus Energy name and stay at their headquarters in Calgary.
The arrangement was announced in October. Over 90 per cent of Husky shareholders approved $3.8-billion all-share takeover bid at a special shareholders meeting earlier this month.
Husky executives noted the merger would create a resilient integrated energy leader with strong upstream, midstream and downstream networks. They say the combined company will be competitive, profitable and sustainable.
Cenovus also says they will be cutting their workforce by 20 to 25 per cent. They mention the company will be the third largest oil and natural gas producer in the country when the transaction is completed.