More than 99% of voters agreed dividing the company in two to form pure-play natural gas producer, EnCana (GasCo), and integrated oil company, Cenovus Energy, would generate the most shareholder value.
Some shareholders were concerned the split would make the two companies more open to potential hostile takeover bids.
However, EnCana chief executive Randy Eresman said the split was a defensive move against future takeover attempts by taking advantage of each unit’s strengths as natural gas and integrated oil producers, respectively.
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