CALGARY — Cenovus Energy Inc. will acquire Athabasca Oil Corp. for about $5.7 billion in cash and stock, expanding its oilsands footprint. Athabasca currently produces about 40,000 barrels per day and Cenovus targets up to 115,000 bpd by 2032. Shareholders can elect $12 cash or 0.264 Cenovus shares per Athabasca share, with a $4.3 billion cash cap and 44.4 million Cenovus shares cap. Cenovus expects closing in December, subject to regulatory and shareholder approvals. The deal follows government steps seen as supportive, including a streamlined review for a national-interest pipeline and upcoming Alberta royalty incentives; a federal tax-deductibility expansion was also cited as speeding growth. Analysts call the acquisition strategically compelling given scarce top-tier oilsands inventory. Cenovus previously bought MEG Energy for $8.6 billion last year. Trading on the news showed Cenovus down about 4% and Athabasca up about 14%.
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