US EditionCenovus Boosts MEG Energy Stake Ahead of Crucial Takeover Vote
Cenovus now controls 8.5% of MEG Energy shares as part of an $8.6 billion friendly takeover bid following rival Strathcona’s withdrawal.
- On Oct. 14, 2025, Cenovus Energy Inc. announced it acquired 21,723,540 common shares of MEG Energy Corp. through the Toronto Stock Exchange, gaining 8.5% of MEG's 254,378,035 shares since Oct. 8, 2025.
- Following a revised deal between MEG and Cenovus, Cenovus says the share purchases were made in furtherance of its previously announced friendly takeover transaction with MEG.
- MEG shareholders are set to vote on Oct. 22 on Cenovus's $8.6 billion offer, which includes half cash and half stock, and Cenovus says it will vote acquired shares in favour.
- MEG Energy Corp. board waived Cenovus's standstill agreement and allowed newly acquired shares to be voted in favour, a step described as without precedent in Canadian public markets, while Strathcona said the process led to a more equitable transaction.
- Cenovus and MEG operate side-by-side at Christina Lake, south of Fort McMurray, Alberta, linking the deal to local oilsands assets as MEG expects growth from steam-assisted gravity drainage projects.
31 Articles
31 Articles
Cenovus Energy states that it increased its stake in MEG Energy to 9.8%.
Cenovus Boosts MEG Energy Stake Ahead of Crucial Takeover Vote
Cenovus Energy Inc. said on Wednesday it had built up a 9.8% stake in MEG Energy over the past week, days before MEG shareholders are expected to vote on a Cenovus takeover offer that could put an end to a two-month-long bidding war. Cenovus Energy on Wednesday revealed it had bought an additional 3,276,460 common shares of MEG Energy through the facilities of the Toronto Stock Exchange or other Canadian alternative exchanges or markets. Fol…
Winnipeg Free Press
Cenovus Energy increases stake in MEG Energy to 9.8 per cent
Breaking News, Sports, Manitoba, Canada
Cenovus Energy acquires 8.5 per cent stake in MEG Energy (Business)
Cenovus Energy Inc. says it has acquired an 8.5 per cent stake in MEG Energy Corp. The company, which has made a friendly takeover offer for MEG, says it acquired the 21,723,540 shares since Oct. 8 when it increased its bid. The announcement follows a decision by Strathcona Resources Ltd. last week ...
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