Cenovus is being positioned for a large sale. From HK good luck
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@2hti+1eCRipy0 you are WRONG!
The $300MM overages were entirely the fault of the CofC. Delay after delay after delay! The City of Calgary decided to change the deal at the last minute when construction was ready to proceed, and they did this on more than one occasion. ME didn’t get rich by being stupid! The delays finally brought the deal to a point where it needed to be scrapped and renegotiated. That is fully on Nenshi, Jyoti and Spencer…all lefty councilors who worked hard to delay this project on multiple occasions.
If anything is up for sale it would be Conoco trying to get out of Surmont.
If Murray Edwards wants to buy CVE, then consider it done. CVE has its as$ exposed everywhere. Too many shares owned by HK and COP. Murray would pick those up first and then it’s easy to take control.
Wrong. Off topic here, but CSEC agreed to fund all of the overages during construction. The price of the arena was in no way being built for only 600MM. It's said that the overages were estimated to come close to 300MM, so Edwards, et.al used the sidewalk/solar cr-p as an easy way out. Do you honestly think this deal fell apart for like 16MM? Hah. Plus you have covid/o&g uncertainty added on top.
If Edwards walked away from this deal it is safe to say that the City is on the right side of things. He doesn't exactly have a reputation that is built on ethical behavior/biz practices.
FakeNews, actually, Jyoti Gondek and Evan Spencer weaseled the City of Calgary out of the arena deal, with their nonsensical $10MM for climate alarmism.
This rumour could have merit.
Producers are making a lot of money now while stock prices continue to be depressed. Would be a good time for a large purchase if you believe oil is going over $100.
I would have never expected the COP deal or the HSE merger before it happened.
This is BS. Remember the uproar when Nexen was sold to the Chinese. CVE is 3x bigger.
CRNL has been looking for a large purchase!!
I would call BS if this was any other company, but it does make sense for Cenovus. It’s a very unstable company to work for.
Ovintiv/Encana! Full circle!