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‘They Will Have the Best Oil Sand Quality Assets in Canada’: Eric Nuttall on Cenovus Energy
MEG shareholders showed about 63% support for the $8.6 billion Cenovus takeover bid, but approval fell short of the two-thirds majority needed for the deal.
- On Oct. 30, Cenovus postponed the MEG Energy Corp. shareholder vote after it appeared likely to fall short of the required two-thirds majority, extending the proxy deadline to Oct. 29.
- Opposition from a major holder contributed to delays as Strathcona Resources Ltd., which owns a 14 per cent MEG stake, is assumed to have voted against the deal after dropping its hostile offer.
- The MEG board of directors backs Cenovus's proposal, and MEG urged investors to support the deal by the revised proxy deadline of Oct. 29.
- Extending the proxy deadline aims to win more votes as Cenovus seeks additional shareholder support by Oct. 29, with analyst Dane Gregoris saying shareholder outreach is key.
- At Christina Lake, both companies operate adjacent oilsands properties, and observers say the drawn-out process "actually worked out quite well for MEG shareholders," reflecting mixed outcomes.
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19 Articles
19 Articles
Coverage Details
Total News Sources19
Leaning Left10Leaning Right4Center2Last UpdatedBias Distribution63% Left
Bias Distribution
- 63% of the sources lean Left
63% Left
L 63%
12%
R 25%
Factuality
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