.png)
The value of mergers and acquisitions (M&As) in Canada jumped in the fourth quarter of 2020, thanks to the blockbuster deal between Cenovus Energy and Husky Energy, GlobalData’s deals database has shown. All M&A transactions in Canada in the fourth quarter last year were worth US$10.01 billion, up by 468.3 percent from the previous quarter and a surge of 504.2 percent compared to the last four quarter average of US$1.66 billion, according to data from GlobalData cited by World Pipelines . The single largest deal was the US$7.77 billion merger of Cenovus Energy and Husky Energy, followed by the US$703.1 million acquisition of Torc Oil and Gas by Whitecap Resources, the data showed. Globally, Canada accounted for 13.7 percent of the value of all oil and gas industry M&A deals. Just like the U.S. shale patch, consolidation in Canada’s oil industry gained momentum at the end of October with a mega-merger that created the country’s third-biggest oil producer and the fourth-largest oil firm by market capitalization. Cenovus Energy and Husky Energy agreed to combine their businesses in an all-stock deal to become a leaner, stronger, and more integrated company better positioned to withstand the current downturn, as Cenovus president […]
CamTrader offers a preview only. View original article. oilprice.com
