{"id":7910,"date":"2023-09-28T12:51:00","date_gmt":"2023-09-28T12:51:00","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=7910"},"modified":"2023-09-28T12:53:05","modified_gmt":"2023-09-28T12:53:05","slug":"canadas-pipestone-energy-shareholders-approve-proposed-sale-to-strathcona","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/7910\/","title":{"rendered":"Canada’s Pipestone Energy shareholders approve proposed sale to Strathcona"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Pipestone Energy’s shareholders on Wednesday voted in favor of the proposed sale to privately-held larger rival Strathcona Resources in an all-stock deal that would value the combined company at C$8.6 billion ($6.36 billion).<\/p>\n

The Canadian company said the proposal has been passed by at least 66.7% votes in favor of the deal.<\/p>\n

“I think people are going to wake up with a more diversified business on a larger asset scale,” said Cole Smead, CEO and Portfolio Manager at Smead Capital Management, which owns shares in the company and voted in the merger.<\/p>\n

“I’m just throwing it out as a theory, but I would not be shocked to see Strathcona do two deals next year alone. So I think we’re going to see activity pick up as it should.”<\/p>\n

The deal had come under scrutiny earlier this month after Pipestone’s second-largest shareholder GMT Capital said<\/a> it would vote against the buyout as it undervalues the oil producer.<\/p>\n

Upon closing of the transaction, which is expected in October, Strathcona would become a public company.<\/p>\n

($1 = 1.3524 Canadian dollars)<\/p>\n

Updated on