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Cenovus, Husky get key approvals for near C$6 bln proposed merger

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Dec 21 (Reuters) - Cenovus Energy Inc and Husky Energy Inc have received all key regulatory approvals required for their proposed merger to create Canada's No. 3 oil and gas producer, the companies said on Monday.

Last week, the deal of about C$6 billion ($4.66 billion) was approved by shareholders of both the companies.

A recent recovery in oil prices has helped energy shares, boosting the value of the all-stock transaction by about 60% from its initial C$3.8 billion valuation in October, when the deal was first announced.

The deal, expected to close on Jan 1, comes amid a pandemic-driven demand collapse and weak oil prices which has forced the industry to consolidate. ($1 = 1.2879 Canadian dollars) (Reporting by Arundhati Sarkar in Bengaluru; Editing by Shailesh Kuber)