Cenovus Buys Husky To Create New Canadian Oil Giant

Cenovus and Husky Energy have struck a deal to combine their businesses in an all-stock transaction worth US$17.92 billion (C$23.6 billion). The size of the deal includes debt, Cenovus said in a news release. The company noted that the two expected to save $1.2 billion from the tie-up, most of it during the first year after the transaction. The net value of the deal is US$2.89 billion (C$3.8 billion), according to media reports, which means the bulk of the gross total is the two companies’ debt in addition to the value of the buyer, Cenovus.…