Cenovus buys rail loading terminal from Canexus for $75 million
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Cenovus Energy (CVE) Enters Agreement to Acquire Canexus' NATO in C$75M Deal
June 4, 2015 4:46 PM EDTCenovus Energy (NYSE: CVE) has agreed to purchase Canexus Corporation's North American Terminal Operations (NATO), a crude-by-rail trans-loading facility, for $75 million, subject to adjustments. The acquisition is part of Cenovus's strategy to create a portfolio of transportation options designed to maximize market access and capture global prices for its oil.
"By purchasing this facility at an attractive price, we're taking greater control over a larger part of the value chain for our product, which we believe will result in improved margins and higher returns for our shareholders," said Bob Pease, Cenovus Executive Vice-President, Markets, Products &... More
