Husky Makes Unsolicited Bid to Fellow Canadian Oil Firm MEG

Husky said it was proposing to purchase MEG for $2.6 billion in a cash-and-stock deal and assume the company’s debt

Russell Gold

Updated Sept. 30, 2018 6:23 p.m. ET

Husky Energy Inc. said it has made an unsolicited bid to acquire oil-sands producer MEG Energy Corp. in what would be a combination of Canadian petroleum companies.

Calgary-based Husky said it was proposing to purchase MEG for 3.3 billion Canadian dollars (US$2.6 billion) in a cash-and-stock deal. Husky also will assume MEG’s debt, which is about C$3.1 billion.

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