Husky Energy Inc. has abandoned its quest to acquire MEG Energy Corp. in a $3.3-billion hostile offer, confounding investors and triggering a selloff in MEG shares.
| Husky said fewer than its threshold of two-thirds of MEG shares were tendered by a Wednesday deadline, so it chose to walk away and concentrate on its own business rather than extend the cash-and-stock offer. It had been widely expected to win its play for the oil-sands producer, as MEG had failed to attract a higher bid in a negative market for Canadian oil and gas stocks.
|  | | | Oil prices steadied on Thursday, boosted by a rebound in U.S. equities and news that OPEC sharply curtailed production in December, after earlier losses on fears about surging U.S. crude output and weakening global demand.
| | | | More stories below advertisement | | | The volatility that rocked the markets last year gives little indication of easing any time soon. Here’s what you need to know to protect and grow your money in the new year.
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