Cenovus Energy Inc has agreed to buy rival Husky Energy Inc in an all-stock deal valued at C$3.8 billion ($2.9 billion) to create Canada's No. 3 oil and gas producer, as a pandemic-driven collapse in demand forces the industry to consolidate.
The combination, announced on Sunday, follows recent big deals in the United States. Concho Resources Inc agreed this month to a takeover by ConocoPhillips for $9.7 billion. That followed Chevron Corp's $4.2 billion purchase of Noble Energy.
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