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Cenovus Energy to Acquire MEG for C$7.9 Billion

8/23/2025

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Summary

Story summary

Cenovus Energy plans to acquire MEG Energy for C$7.9 billion, exceeding Strathcona Resources' bid.
The merger aims to produce over 720,000 barrels per day, with a target of 850,000 by 2028.
MEG's board supports the deal after rejecting Strathcona's unsolicited offer.
Approval from two-thirds of MEG shareholders is needed in October.

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Story summary

Cenovus Energy plans to acquire MEG Energy for C$7.9 billion, exceeding Strathcona Resources' bid.
The merger aims to produce over 720,000 barrels per day, with a target of 850,000 by 2028.
MEG's board supports the deal after rejecting Strathcona's unsolicited offer.
Approval from two-thirds of MEG shareholders is needed in October.