US EditionPublished • loading... • Updated
Cenovus-MEG Deal Finally Clears Shareholder Vote
MEG shareholders approved Cenovus's $8.6 billion bid with 86% support, ending a competitive takeover battle and regulatory delays over months.
- On Thursday, MEG Energy shareholders approved an $8.6-billion takeover by Cenovus Energy, with more than 86% voting in favour at a special meeting, MEG chairman James McFarland said.
- The deal followed a bidding battle that began in spring as Cenovus initially offered C$7.9 billion and sweetened its bid twice while Canada's securities regulators delayed votes over a Cenovus–Strathcona transaction.
- Last week, Cenovus sweetened its offer and Strathcona Resources agreed to vote its 14.2% MEG stake in favour, with a $150-million side-deal for the Vawn thermal oil facility.
- With the vote behind them, the companies move into the final stretch as the deal is expected to close this month after final court approval and customary regulatory approvals, with a shareholder option of cash or shares.
- After months of rival bids and delays, the takeover resolves a saga that began in April when Strathcona Resources launched a hostile bid, and the merger will create one of North America's largest integrated oil producers, reshaping Canada's oil sands sector.
Insights by Ground AI
12 Articles
12 Articles
Cenovus-MEG Deal Finally Clears Shareholder Vote
After months of twists, delays, and rival bids, MEG Energy shareholders have officially approved the long-awaited takeover by Cenovus Energy, clearing one of the final hurdles in an $8.6 billion deal that will reshape Canada’s oil sands sector. At a special meeting this week, 86% of MEG shareholders voted in favor of the acquisition—well above the two-thirds threshold required. The vote marks a decisive end to a saga that began back in the sprin…
·London, United Kingdom
Read Full Article
Coverage Details
Total News Sources12
Leaning Left4Leaning Right1Center3Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 38%
12%
Factuality
To view factuality data please Upgrade to Premium
