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The aim of the all-stock, $3.8-billion deal between the two Calgary-based businesses is to create a company that's stronger, more resilient and operating with "significantly reduced" risk to market volatility.
The combined Cenovus-Husky company will be the third-largest Canadian oil and natural gas producer, based on total company production, Cenovus says. (Reuters)
Combining the companies will create annual savings of $1.2 billion, largely achieved within the first year and independent of commodity prices, the companies said.
That's likely bad news for Calgary office workers as about $400 million of the savings are expected to come from "workforce optimization," along with savings from IT and procurement, said Pourbaix during a separate conference call with analysts.
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