Canada’s 'big five' oil companies to become 'big four'

Cenovus Energy has announced that it will purchase oil sands rival Husky Energy. The consolidating move takes place during an increasingly challenging market for Canadian oil producers. Husky Energy is majority owned by Hong Kong billionaire Li Ka-Shing through 2 holding companies, in this an all-stock transaction they will receive 27.2% equity in the merged company. Both companies have seen dramatic falls in their market value over the last year.

CBC – Cenovus to buy Husky Energy for $3.8B, designed to ‘weather the current environment’