The Li Ka-shing family has once again expanded their presence in the Canadian energy sector. On October 5, local time, Changhe and the Lee family announced that the Canadian energy company Cenovus Energy, which holds about 30% of the shares as the single largest shareholder, will acquire Petro-Canada Athabasca Oil Corporation with a corporate value of about 5.7 billion Canadian dollars, further strengthening its position in the world's core oil sands production area. Under the agreement, Cenovus will acquire all of Athabasca's issued shares for 12 Canadian dollars per share, with a premium of about 13% over the latter's closing price on October 2. The transaction uses a mixed payment method of cash plus shares. The cash portion accounts for between 65% and 75%, with an upper limit of 4.3 billion Canadian dollars; the share portion is capped at 44 million Cenovus shares, which is estimated at about 35% of the share price at the time of announcement.

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