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Husky Energy Inc., reported to be the target of a takeover bid from PetroChina, confirmed yesterday it was in talks with China's leading oil firm regarding "potential transactions."
But Husky, Canada's fourth-largest convenience store retailer with more than 600 Mohawk and Husky stores, warned in a brief statement it was giving no assurances that a deal would be completed. It said it was in discussions with other parties as well.
Reuters reported PetroChina was working on a multibillion-dollar deal to buy the exploration and production assets of Husky, which is majority owned by Hong Kong tycoon Li Ka-shing.