It has been rumored, that EnCana Corp. is eyed by one of the world's biggest oil and gas producers
It has been rumored, that EnCana Corp. is eyed by one of the world's biggest oil and gas producers, Royal Dutch Shell Group.
Fred Ketchen, manager of equity trading at Scotia Capital, said, ''There are stories around about a takeover possibility.''
Rumors have circulated for weeks that Royal Dutch is considering making a bid for EnCana, a major North American gas producer.
With a current stock value of just under C$53 billion, EnCana ranks only behind Royal Bank as Canada's most valuable company. So a takeover bid for the Calgary energy giant would almost certainly be the biggest transaction in Canadian corporate history.
After those speculations EnCana shares rose C$5.49 to close at C$61.65 - a gain of 9.78% - in heavy trading of nearly eight million shares on the Toronto Stock Exchange on Wednesday.
The Canadian company denied commenting.