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Encana gets Canadian court approval for planned name change, move to US

The Court of Queen's Bench of Alberta granted Encana Corp. a final order approving its plan of arrangement to change its name and move its headquarters to the U.S., according to a Jan. 17 news release.

The approval comes after Encana's security holders voted in favor of its reorganization resolution to exit Canada, rebrand as Ovintiv Inc., and completion of a consolidation and share exchange for effectively one Ovintiv common share for every five Encana common shares.

The reorganization is expected to close on or about Jan. 24.

The plan, announced in October 2019, comes amid Canadian companies and investors shifting to more attractive regulatory and financial regimes in the U.S.