The Cenovus provide values MEG at $8.6 billion, together with assumed debt, and is made up of half money and half inventory. MEG shareholders are set to vote on the proposal on Oct. 22.
Cenovus and MEG have neighbouring oilsands properties at Christina Lake, south of Fort McMurray, Alta.
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Parkland-Sunoco deal receives Funding Canada Act approval
U.S. gasoline distributor Sunoco LP’s proposed takeover of Calgary-based gasoline retailer and refiner Parkland Corp. (TSX:PKI) has cleared a key regulatory milestone with Ottawa’s approval below the Funding Canada Act. The transaction is predicted to shut within the fourth quarter of this yr, topic to remaining regulatory approvals and the satisfaction or waiver of customary closing circumstances, Parkland stated in a launch Tuesday. A evaluate below the Funding Canada Act considers whether or not overseas investments can be a internet profit to the nation or trigger potential hurt to nationwide safety.
The Parkland-Sunoco deal was introduced at a time of fraught Canada-U.S. relations and amped-up useful resource nationalism amid the onslaught of U.S. President Donald Trump’s tariffs. Earlier this yr, Ottawa not too long ago up to date nationwide safety pointers below the act to account for potential harms to Canada’s financial safety. The federal government stated it is going to take into account the dimensions of the Canadian enterprise, its place within the innovation ecosystem and the impression on Canadian provide chains.
Parkland and Sunoco introduced the pleasant cash-and-stock deal valued at US$9.1 billion together with assumed debt in Could following a bitter proxy battle with buyers within the Canadian firm sad with its efficiency and technique.
Parkland owns the Ultramar, Chevron and Pioneer gasoline station chains in addition to a number of different manufacturers in 26 international locations. Sunoco shops that had lengthy operated in Canada have been rebranded in 2009 below the Petro-Canada banner. Parkland additionally runs a refinery in Burnaby, B.C., which provides practically one-third of the area’s domestically equipped gasoline and jet gasoline.
The deal cleared a key U.S. antitrust hurdle final month when the ready interval below the Hart-Scott-Rodino Act expired. Shareholders authorized the takeover in June.
Cineplex promoting Cineplex Digital Media to U.S. firm Inventive Realities for $70M
Cineplex Inc. (TSX:CGX) has signed a deal to promote its Cineplex Digital Media subsidiary to Inventive Realities Inc., a U.S.-based digital signage firm, for $70 million. CDM gives digital signage for a variety companies together with retailers and banks in addition to digital menu boards for eating places.
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As a part of the deal, Cineplex has signed a long-term settlement to proceed as CDM’s unique promoting gross sales agent for CDM operated digital-out-of-home networks throughout Canada.
Cineplex chief government Ellis Jacob says the sale will present the corporate with significant capital to proceed to ship worth for shareholders. Cineplex says proceeds of the sale will probably be used to strengthen its stability sheet and supply money for share buybacks, debt discount, and common company functions.
The deal is predicted to shut within the coming weeks, topic to regulatory approvals and different customary closing circumstances.
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