Cenovus Energy acquires 8.5 per cent stake in MEG Energy
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CALGARY – 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 to drop its rival takeover offer for MEG.
The Cenovus offer values MEG at $8.6 billion, including assumed debt and is made up of half cash and half stock.
MEG shareholders are set to vote on the proposal on Oct. 22.
Cenovus and MEG have side-by-side oilsands properties at Christina Lake, south of Fort McMurray, Alta.
This report by The Canadian Press was first published Oct. 14, 2025.
Companies in this story: (TSX:CVE, TSX:MEG, TSX:SCR)