EnCana (ECA) Plans To Split Into Two Separate Energy Companies
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This weekend, EnCana Corporation (NYSE: ECA) announced that its Board of Directors unanimously approved a proposal to split EnCana into two highly focused energy companies - one a natural gas company with an outstanding portfolio of early life, North American, natural gas resource plays and the other a fully integrated oil company with industry-leading in-situ oilsands properties and top-performing refineries, as well as an underlying foundation of reliable oil and gas resource plays.
Under the proposed transaction, which is expected to be completed in early 2009, EnCana common shareholders will receive one share in each of GasCo and IOCo in exchange for each EnCana share held.
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