HUSKF - Cenovus Husky shareholders OK merger deal

Cenovus Energy's ([[CVE]] +1.3%) C$6B (US$4.78B) purchase of Husky Energy ([[HUSKF]] +0.5%) is approved by the shareholders of both companies, creating Canada's third largest oil and gas producer.Cenovus says 93% of shareholder votes approved the merger at a special meeting, while Husky announced earlier in the day that the deal was OK'd with more than 99% of votes cast in favor at its meeting.The deal is expected to close in January, after which Cenovus shareholders would own 61% of the combined entity and Husky shareholders the rest.The shareholder approvals come as the recent recovery in oil prices has vaulted the value of the all-stock acquisition by ~60% from its initial C$3.8B valuation in late October, when the deal was first announced.

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Cenovus, Husky shareholders OK merger deal