ENCANA & ATHLON: $7 BLN
Encana of Canada has become the latest company working in North America's shale reserves to make a leap to reduce its reliance on gas, and increase its oil production, by agreeing a $7.1bn deal to buy US-listed Athlon Energy.
The deal unveiled yesterday is worth $58.50 per share in cash – almost three times the price of $20 that Athlon floated at last year.
Under Doug Suttles, who was appointed as Encana's chief executive in June 2013, the Canadian group had been moving to develop its more lucrative oil business.
The profitability of its gas production…
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