The Cenovus offering values ​​MEG at $8.6 billion, including assumed debt, and is half money and half stock. MEG shareholders are expected to vote on the proposal on October twenty second.
Cenovus and MEG have adjoining oil sands properties at Christina Lake, south of Fort McMurray, Alta.
source Google CVE
Parkland-Sunoco deal receives Investment Canada Act approval
The proposed acquisition of Calgary-based fuel retailer and refiner Parkland Corp. (TSX:PKI) by US fuel retailer Sunoco LP has reached a key regulatory milestone with approval from Ottawa under the Investment Canada Act. The transaction is anticipated to shut within the fourth quarter of this 12 months, subject to remaining regulatory approvals and satisfaction or waiver of customary closing conditions, Parkland said in a news release Tuesday. A review under the Investment Canada Act considers whether foreign investment would offer a net profit to the country or cause potential harm to national security.
The Parkland-Sunoco deal was announced at a time of strained Canada-U.S. relations and heightened resource nationalism amid the onslaught of tariffs from U.S. President Donald Trump. Earlier this 12 months, Ottawa recently updated national security guidelines under the Act to handle potential harm to Canada’s economic security. The government said it is going to consider the dimensions of the Canadian company, its place within the innovation ecosystem and the impact on Canadian supply chains.
Parkland and Sunoco announced the friendly cash-and-stock deal price $9.1 billion, including assumed debt, in May after a bitter proxy dispute with investors within the Canadian company unhappy with its performance and strategy.
Parkland owns the Ultramar, Chevron and Pioneer gas station chains, in addition to several other brands in 26 countries. Sunoco stores, which had long operated in Canada, were rebranded under the Petro-Canada banner in 2009. Parkland also operates a refinery in Burnaby, B.C., which supplies nearly a 3rd of the region’s gasoline and jet fuel.
The deal cleared a key US antitrust hurdle last month when the waiting period under the Hart-Scott-Rodino Act expired. Shareholders approved the takeover in June.
Cineplex is selling Cineplex Digital Media to US company Creative Realities for $70 million
Cineplex Inc. (TSX:CGX) has signed an agreement to sell its Cineplex Digital Media subsidiary to Creative Realities Inc., a US-based digital signage company, for $70 million. CDM provides digital signage for quite a lot of businesses, including retailers and banks, in addition to digital menu boards for restaurants.
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As a part of the agreement, Cineplex has signed a long-term agreement to proceed to function CDM’s exclusive promoting sales agent for CDM-operated digital out-of-home networks across Canada.
Cineplex CEO Ellis Jacob says the sale will provide the corporate with significant capital to proceed creating value for shareholders. Cineplex said the sale proceeds will likely be used to strengthen its balance sheet and supply money for stock repurchases, debt reduction and general corporate purposes.
The transaction is anticipated to shut in the approaching weeks, subject to regulatory approvals and other customary closing conditions.
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