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Encana gets shareholders' approval on planned move to US, name change

Encana Corp. received approval from its shareholders to proceed with a plan to change its name and move its headquarters to the U.S.

During a Jan. 14 meeting, 90% of the corporation's security holders voted in favor of Encana's reorganization resolution to exit Canada, rebrand as Ovintiv Inc. and complete a consolidation and share exchange for effectively one Ovintiv common share of every five Encana common shares, according to a same-day news release.

The reorganization is subject to other closing conditions, including final approval of the plan by the Court of Queen's Bench of Alberta.

The corporation announced its plan in October 2019 amid an ongoing shift by Canadian companies and investors to more attractive regulatory and financial regimes in the U.S.