Deal With Li Ka-shing Gives Canadian Oil Giant a Biden Hedge (1)

摘要

Cenovus Energy Inc. is getting more than just a rival Canadian oil producer with its acquisition of Husky Energy Inc. It’s also shoring up its defenses against an anti-oil sands movement that could get a boost if Joe Biden is elected as the next president of the U.S. Calgary-based Cenovus said Sunday morning it’s reached a C$3.8 billion ($2.9 billion) all-share deal to buy Husky, which is controlled by Hong Kong billionaire Li Ka-shing. Li and his CK Hutchison Holdings Ltd.will own about 27% of the combined firm if the deal goes through. Oil sands companies in Alberta sell their crude at a discount to West Texas Intermediate because export pipelines are usually too full to accept all the oil that producers want to ship. That discount can be steep at times -- $20 a barrel or more -- and is currently more than $10.