Cenovus doubles down on Canada with US$13.3 bn ConocoPhillips acquisition
The oil sands are stealing the M&A show in 2017. On 29 March 2017, Cenovus announced the purchase of ConocoPhillips' 50% stake in the FCCL partnership as well as Deep Basin and selected Montney assets for a total base consideration of Cdn$17.7 billion (US$13.3 billion). This is one per cent above Cenovus' current enterprise value. The deal includes cash of Cdn$14.1 billion, an equity component and contingent payments linked to the Western Canada Select (WCS) diluted bitumen ...