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Canada's Encana gets shareholders' approval to move base to United States

Reuters
Updated

(Reuters) - Encana Corp <ECA.TO> <ECA.N> said on Tuesday it had received shareholders' approval to shift headquarters to the United States, as the oil and gas producer looks to exit Canada amid pipeline capacity shortages.

The company said 90% of the shareholders voted in favor of the company moving its domicile to the United States and rebranding to Ovintiv Inc.

Investor Letko, Brosseau & Associates Inc, which owns about 4% stake in Encana, had said in November it will vote against the company's proposed exit from Canada, saying the move would cause significant losses for Canadian shareholders.

Encana, once among Canada's largest oil companies, has been shifting its focus to the United States. In November, 2018, it bought Texas-based Newfield Exploration Co for $5.5 billion.

U.S.-listed shares of Encana were down ~2% in morning trade.

(Reporting by Shradha Singh in Bengaluru; Editing by Shinjini Ganguli)