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Cenovus shares fall in wake of $17.7B oilsands purchase

Shares in Cenovus Energy were down 11 per cent shortly after markets opened Thursday following its announcement to acquire Canadian assets belonging to Houston-based ConocoPhillips.

Under the $17.7 billion deal, the Calgary-based energy company would take over most of ConocoPhillips's investments in Canada in what is the latest mega oilsands sale by a major foreign oil and gas producer.

The ConocoPhillips sale was announced Wednesday after the close of Canadian and U.S. stock markets, when Cenovus stock was at $17.45 in Toronto and ConocoPhillips stock was at US$45.95 in New York.

Cenovus shares fall in wake of $17.7B oilsands purchase - Calgary - CBC News