General News | Top Story | Deals - Acquisition, Mergers, Divestitures
Husky Ditches Merger with MEG Energy Despite Shareholder Support
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Husky Energy has abandoned its plan to acquire Canadian oil sands-focused MEG Energy on January 17, 2019.
The company said it was "due to insufficient MEG board and shareholder support."
However, according to a report by Reuters, Husky had over 60% of shareholder's support, which would have pushed the deal through.
Husky's decision to not go through with the acquisition was most likely affected in large part by recent market volatiliy.
In its press release, the company noted the following did affect its decision:
- The Government of Alberta departed from free market principles, introducing uncertainty through the imposition of government-mandated production cuts
- Continued lack of meaningful progress on Canadian oil export pipeline developments
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