Veren shareholders approve $15B combination with Whitecap
Shareholders in oil and gas producer Veren Inc. have approved a $15-billion deal to join forces with Whitecap Resources Inc.
Veren did not immediately provide a breakdown of how many votes were cast in favour of the deal during a virtual shareholder meeting that was completed in about five minutes.
The Calgary-based companies announced a friendly deal in March that they say will create the seventh-largest Canadian oil company by production, the biggest landholder in the Montney and Duvernay shale regions in western Alberta and the second-largest oil producer in Saskatchewan.
The combined company will continue operating under the Whitecap name and management team.
Whitecap shareholders are to vote on the deal later Tuesday.
The companies have said they aim to close the deal early next week.
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