EnCana Completes Spinoff into Focused Energy Cos
EnCana completed its transaction to split into two highly focused energy companies: Cenovus Energy Inc., an integrated oil company and EnCana Corporation, a pure play natural gas company. On November 25, 2009 shareholders voted more than 99 percent in favor of the transaction and later that day the Court of Queen's Bench of Alberta approved the transaction.
Under the terms of the arrangement, common shareholders of EnCana will own one new EnCana common share (which will continue to be represented by existing EnCana common share certificates) and will receive one common share of Cenovus for each EnCana common share held on December 7, 2009, the anticipated distribution record date.
The last day of "when issued" trading on the Toronto Stock Exchange (TSX) will be December 2, 2009 and December 8, 2009 on the New York Stock Exchange. Cenovus and post-split EnCana shares will begin regular trading on the Toronto Stock Exchange on December 3, 2009 and on the New York Stock Exchange on December 9, 2009 under the symbols CVE and ECA, respectively.
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