Cenovus Energy, a Canadian integrated oil and natural gas company, completed the merger with Husky Energy, a Canadian-based energy company, in a $7.8bn deal. Cenovus shareholders now own 61% of the combined entity, with Husky shareholders controlling the rest. “We will be a leaner, stronger and more integrated company, exceptionally well-suited to weather the current environment and be a strong Canadian energy leader in the years ahead. The diverse portfolio will enable us to deliver stable cash flow through price cycles, while focusing capital on the highest-return assets and opportunities. The combined company will also have an efficient cost structure and ample liquidity. All of this supports strong credit metrics, accelerated deleveraging and an enhanced ability for return of capital to shareholders,” Alex Pourbaix, Cenovus President and CEO.