Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Hutchison to Buy $337 Million of Husky Energy Shares

Li Ka-shing’s Hutchison Whampoa Ltd. will buy 14.1 million shares in Husky Energy Inc. for C$345.5 million ($337 million) under a private placement by the Canadian oil producer, also controlled by the Hong Kong billionaire.

Hutchison will acquire the shares at C$24.50 apiece through a wholly owned unit, the Hong Kong-listed company said in a statement to the city’s stock exchange. Husky fell 0.4 percent to close at C$24.47 in Toronto trading yesterday.

Husky aims to raise about $1 billion for acquisitions, debt payment and capital spending by offering about $293 million of shares to the public and a combined $707 million of stock to its main holders including Hutchison, the Calgary, Alberta-based company said Nov. 29. All 11.9 million shares are being offered at the same price.

Hutchison’s stake in Husky will remain unchanged at 34.55 percent after the transaction, the Hong Kong company said.

Husky said Nov. 29 that it has agreed to buy C$860 million of oil and natural-gas properties in western Canada from Exxon Mobil Corp., adding production and reserves in areas where it’s already operating. The deal is part of C$4.86 billion in planned capital spending next year, a 20 percent increase.

The Canadian energy producer will sell stock to finance its expansion, including initial development of the Sunrise oil-sands project it shares with BP Plc and a planned venture in Southeast Asia with China National Offshore Oil Corp., Husky said at the time.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.