Canada's Veren rises on $10.4 billion merger deal with Whitecap Resources

Veren

10/03/2025 14:03

Updates

** Canadian oil producer Veren's VRN.TO shares rise 15% to C$8.12

** Co will merge with Whitecap Resources WCP.TO in an all-stock deal valued at C$15 billion ($10.43 billion) including debt, to form an energy giant

** Shares of oil producer Whitecap Resources WCP.TO down 11.7% to C$8.25

** Veren shareholders will receive 1.05 shares of Whitecap for each share held, or C$9.82 based on the last close, which implies a deal value of about C$6 billion, as per Reuters calculation

** It represents a 39% premium to Veren's close on Friday

** VRN shareholders will own 52% of the combined company, while WCP shareholders will own the rest 48%

** The combined company expects to have production of 370,000 barrels of oil equivalent per day, of which 63% will be liquids

** The transaction is expected to close before May 30, 2025

** Including session's moves, VRN shares up 7.31% YTD

($1 = 1.4384 Canadian dollars)

 (Reporting by Katha Kalia in Bengaluru)

 ((Katha.Kalia@thomsonreuters.com))