Shareholders of Renaissance Energy Ltd. voted in favour of the proposed takeover by the company of Husky Oil Limited, on August 21, 2000, with more than 95 per cent approving the transaction. The original cash and stock takeover offer, which is believed to be the largest this year in the Canadian oil and gas industry, had been agreed to by the boards of both companies on June 19, 2000. The amalgamation, which will take place by way of a plan of arrangement, will result in the formation of a new public company, Husky Energy Inc., being listed on The Toronto Stock Exchange.
The deal is valued at $2.58 billion and under its terms, Renaissance shareholders will receive $5.83 in cash and 0.815 of a Husky Energy share for each Renaissance share held. The newly formed entity will have assets of approximately $9 billion, ranking second in production and third in reserves relative to Canada’s four other integrated oil and gas companies.
Borden Ladner Gervais LLP acted for Husky Oil with a team led by in-house counsel James Girgulis and James Cook and which comprised of Neil de Gelder, Q.C., Nigel Cave, Robert Kopstein and Mark Wang (Vancouver); Dan Kolibar, Allan Nielsen, Colin MacDonald, David Madsen, George Anderson and Keith Chatwin (Calgary); Frank Allen (Toronto); and Rick Shannon and Rhonda Friesen (Montreal). Burnet, Duckworth & Palmer in Calgary acted for Renaissance with a team that included Grant Zawalsky, John Brussa, Stephen Chetner, Daniel McDonald, Q.C., and David Bell.