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by Stockwatch Business Reporter
West Texas Intermediate crude for December delivery lost $1.29 to $38.56 on the New York Merc, while Brent for December lost $1.31 to $40.46 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.85 to WTI, down from a discount of $10.35. Natural gas for November added five cents to $3.02. The TSX energy index lost 2.29 points to close at 66.17.
Energy headlines were dominated by yesterday's announcement of the massive merger of Cenovus Energy Inc. (CVE), down 41 cents to $4.47 on 72.5 million shares, and Husky Energy Inc. (HSE), up 38 cents to $3.55 on 28.8 million shares. The companies described it as a $23.6-billion deal that will create the third-largest producer in Canada. More specifically, Cenovus will issue 0.7845 of a share of itself for each share of Husky (plus a fraction of a warrant), putting the price tag at $3.8-billion. The rest of the valuation comes from the companies' combined debt of over $13-billion and Cenovus's stand-alone market cap.
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