ENCANA CORP. $91 (Toronto symbol ECA)differs from the typical spinoff in that the two portions are of comparable size. More often, the spinoff company is much smaller than the parent. But the principle is the same.
The management is breaking up the company into two or more parts, despite the fact that this works against management’s interests, by reducing the assets to manage. Good managers do this for two reasons. First, they aim to serve shareholders’ interests. Second, the two companies generally experience an increase in stock values and/or a speedup in growth, which generally lead to higher pay for management.
Of course managers sometimes negate the value of the spinoff or corporate breakup by taking huge bonuses for themselves, for arranging it. But that’s not happening at EnCana.
EnCana itself grew out of the spinoff or corporate breakup of another of our long-time favourites, the old Canadian Pacific. That worked out nicely for CP investors. We expect EnCana’s breakup to prove equally rewarding.
EnCana is still a buy.
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