Encana gets shareholders’ approval to move base to U.S., rebrand as Ovintiv [Toronto Globe and Mail (Ontario, Canada)]
ENCANA (ECA)
Last encana earnings: 10/31 06:30 am
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Source: Toronto Globe and Mail
Encana Corp. shareholders overwhelmingly approved the Canadian oil and gas giant’s legal move to the United States. Plans to relocate the company, whose roots date back almost as far as the establishment of Canada, were announced in October. Encana’s chief executive officer, Doug Suttles, said at the time it would allow the company to access a larger source of investment from U.S. index funds, which hold shares based on companies’ positions in various stock indices. Encana’s move follows the departure of several foreign oil and gas companies, with Royal Dutch Shell, ConocoPhillips and Devon Energy Corp. recently selling their Canadian assets or scaling back investments as a crunch in pipeline space crimps prices. Story continues below advertisement Tuesday morning’s vote saw 9 per cent of Encana shareholders support a resolution to redomicile the company in Delaware and rebrand as Ovintiv Inc.. They also okayed a share consolidation that will see them retain one share of common stock
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