Li Ka-shing Cuts Husky Oil Risk With $2.9 Billion Cenovus Deal

(Bloomberg) — Li Ka-shing, Hong Kong’s richest man, is unwinding a bet he placed on oil more than three decades ago by paring his group’s stake in Husky Energy Inc., a Canadian asset dealing with mounting losses.The tycoon’s CK Hutchison Holdings Ltd. and a Li family trust, which together own almost 70% of Husky, agreed over the weekend to sell a part of their stakes to Cenovus Energy Inc. in an all-stock deal. The $2.9 billion merger of two of Canada’s biggest oil-sands players would reduce Li’s and CK Hutchison’s combined holdings in the new entity to 27%.By cutting their …read more

Source:: Yahoo Finance