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Cenovus Energy Acquires 8.5 per Cent Stake in MEG Energy (Business)

On Oct. 14, 2025, Cenovus Energy Inc. announced it acquired 21,723,540 MEG Energy Corp. common shares on the Toronto Stock Exchange, reaching 8.5% ownership since Oct. 8, 2025.
The move comes after Strathcona Resources Ltd. last week dropped its rival takeover offer, saying the revised MEG–Cenovus deal made its own offer impossible to complete.
The offer values MEG at $8.6 billion including assumed debt and is half cash and half stock; MEG shareholders are set to vote on Oct. 22, and Cenovus says it will vote acquired shares in favour.
MEG Energy Corp. board waived Cenovus Energy Inc.'s standstill agreement and allowed newly acquired shares to vote, a step called "without precedent"; Strathcona said this 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 production as MEG expects to remain a major heavy oil producer with SAGD growth.

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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 ...

14 hours ago·Kelowna, Canada

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BNN Bloomberg

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Cenovus Energy acquires 8.5% stake in MEG Energy

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

16 hours ago·Canada

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The Globe & Mail

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Cenovus acquires 8.5% of MEG Energy shares ahead of merger vote

Under a revised standstill agreement, Cenovus can acquire up to a 9.9% stake in MEG before the shareholder meeting

17 hours ago·Canada

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Seeking Alpha

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Cenovus Energy acquires 8.5% stake in MEG Energy (CVE:NYSE)

Cenovus Energy said it has acquired 21,723,540 common shares of MEG Energy, giving it control over common shares representing an 8.5% stake in the company.

17 hours ago·United States

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NiagaraFallsReview.ca

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Cenovus Energy acquires 8.5% of MEG Energy common shares

CALGARY, Alberta, Oct. 14, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that it has acquired an aggregate of 21,723,540 common shares of MEG Energy Corp. (“MEG”) through the facilities of the Toronto Stock Exchange…

18 hours ago·Niagara Falls, Canada

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