Cenovus to Buy Athabasca Oil for $4B
Cenovus Energy announced a cash-and-stock acquisition of Athabasca Oil valued at four billion dollars. The transaction expands Cenovus oil sands production and adds key assets in Alberta. The deal is expected to close in December.
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Cenovus Energy announced a C$5.7 billion ($4 billion) cash-and-stock acquisition of Athabasca Oil on Monday morning. The deal solidifies its position as one of Canada's largest oil sands producers amid shifting regulatory policies. The move comes a year after Cenovus completed its C$8.6 billion purchase of MEG Energy.
