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MEG Energy Delays Decision on Cenovus Takeover
- On Oct. 30, 2025, James McFarland paused the MEG meeting to address a 'regulatory inquiry,' adjourning until Nov. 6 with Cenovus's consent.
- The months-long takeover fight began in April when Strathcona Resources Ltd. approached MEG Energy Corp., whose board called Strathcona's June bid 'opportunistic' and accepted Cenovus Energy Inc.'s offer in August.
- The revised offer is worth $30 per share and is split half cash, half stock after Cenovus Energy Inc. twice sweetened its bid from US$5.7 billion to $6.2 billion.
- Cenovus said it expects no impact from the inquiry, and 86 per cent of MEG shareholders have voted or signalled support, with Strathcona Resources Ltd. pledging its 14-per-cent stake.
- The deal positions Cenovus Energy Inc. to consolidate Canada’s oil sands through scale and integration, including the $150 million sale of the Vawn thermal heavy oil operation to Strathcona Resources Ltd.
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24 Articles
24 Articles
MEG Energy Delays Decision on Cenovus Takeover
MEG Energy has delayed a shareholder vote on the proposed takeover of the company by sector player Cenovus, after a regulatory inquiry prompted the target company to provide additional information. Media quoting the chairman of MEG Energy’s board reported that the decision to postpone the vote was made with the knowledge of Cenovus and that the information requested by regulators concerned a transaction between Cenovus and its rival in the biddi…
·London, United Kingdom
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The vote of the shareholders of MEG Energy on the proposed acquisition by Cenovus Energy was postponed by one week.
·Montreal, Canada
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Bowen Island Undercurrent+6 Reposted by 6 other sources
MEG meeting on Cenovus deal postponed another week
Coverage Details
Total News Sources24
Leaning Left12Leaning Right2Center4Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 22%
11%
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