It follows a long line of foreign divestment from the oilpatch that now totals roughly $45 billion, writes Jack Mintz in the Financial Post. Below is an excerpt from the article, which can be read in full here.
By Jack Mintz, November 2, 2020
The $3.8-billion blockbuster takeover of Canada’s fifth largest oil and gas company (Husky) by Canada’s fourth largest oil and gas company (Cenovus) will obviously get much scrutiny in terms of its implications for shareholders and for the 2,150 employees, mainly in Calgary, who may be losing their jobs. But we should also be thinking about what such takeovers mean for Canada’s competitiveness.
In yesteryear, the Cenovus takeover would have been celebrated as a terrific outcome: a Canadian company achieving greater economies of scale and competitiveness and also becoming a leader in a foreign-dominated sector of the economy.