Cenovus Slides After $2.9 Billion Husky Energy Takeover

Husky Energy Inc. shares spiked higher Monday after it agreed to a $2.9 billion takeover by its Canada-based rival Cenovus Energy  (CVE) – Get Report.

The all-stock deal, which will create Canada’s third-largest energy group behind Canadian Natural Resources  (CNQ) – Get Report and Suncor Energy  (SU) – Get Report, was outlined Sunday and continues the theme of sector consolidation amid falling oil and gas prices and the potential for stricter regulations on drilling and permits in the coming years. 

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