Cenovus merger with Husky goes to a vote today
Employees at both companies have been asked to fill out a form to update their resumes in advance of expected layoffs, according to company sources. Combining the companies is expected to create annual savings of $1.2 billion, according to company executives, including about $400 million from "workforce optimization," along with savings from IT and procurement. Cenovus initially hesitant "This is a time when there's been a lot of pressure on prices in the industry," said Peter Letko of Montreal-based money manager Letko, Brosseau and Associates. "That's why bringing the companies together i...
Source: cbc.ca