AlwaysFree: Cenovus To Cut Jobs After Completing Husky Acquisition

On Tuesday, Cenovus Energy stated that it would cut 20% to 25% of its workforce after it completes the $2.9-billion deal to take over Husky Energy. The layoff is part of Cenovus’ efforts to slash costs and will mostly affect workers in Calgary, Alberta. The job reduction could total about 2,150, based on both companies’ workforce sizes, including contractors. Following the report, shares of Cenovus and Husky extended gains by 8.5% and 7.9%, respectively.