CALGARY—A major merger could be in the works in Canada’s oil patch. Husky Energy Inc. is making a hostile bid to acquire MEG Energy Corp. in a transaction valued at $6.4 billion. Husky CEO Rob Peabody said he is confident Husky’s acquisition of MEG Energy Corp. “is in the best interests of Husky and MEG shareholders, employees and stakeholders.” ( Jeff McIntosh / THE CANADIAN PRESS file photo )In a statement issued Sunday afternoon, Husky says the proposed merger “will create a stronger Canadian energy company.” The new, Calgary-based operation would have the capacity to produce more than 400-thousand barrels of oil equivalent per day. The proposal has been unanimously approved by Husky’s board of directors, and will be open for acceptance by MEG shareholders until Jan. 16. Article Continued Below“Husky is confident the proposed transaction is in the best interests of Husky and MEG shareholders, employees and stakeholders,” Husky CEO Rob Peabody said in a statement.

Source: thestar October 01, 2018 00:11 UTC