Husky Energy Inc's hostile bid for MEG Energy Corp reflects the need for Canadian oil companies to own integrated assets, from production to refineries, to manage the deep price discounts on Canadian crude, Husky Chief Executive Rob Peabody said on Monday.
Peabody said Husky will shortly begin to meet with MEG shareholders about the deal, valued at C$6.4 billion, but would welcome talks with MEG's board.
Reporting by Rod Nickel in Winnipeg, Manitoba
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