Shareholders of PanCanadian Energy and AEC Corp. approved PanCanadian’s $6.4 billion purchase of AEC and the renaming of PanCanadian to EnCana Corp. The merger will form the largest independent producer in terms of reserves and production with an enterprise value (including debt) of $18 billion (C$30 billion). The deal is still subject to receipt of Canadian court approval.
Renaming
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AEC, PanCanadian Shareholders Approve Merger
Shareholders of PanCanadian Energy and AEC Corp. last week approved PanCanadian’s $6.5 billion stock purchase (excluding debt assumption) of AEC and the renaming of PanCanadian to EnCana Corp. The Alberta Court of Queen’s Bench put the final seal on the transaction on Friday. The merger forms the largest independent producer in terms of reserves and production with an enterprise value (including debt) of $18 billion (C$30 billion).
April 8, 2002
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