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Cenovus's $8.6B MEG Acquisition Vote Delayed to October 30

10/23/2025

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Summary

Story summary

Cenovus Energy's $8.6 billion takeover of MEG Energy has been postponed, with a shareholder vote now set for October 30, 2023.
Cenovus requires a two-thirds majority for approval but currently has approximately 63% support.
Strathcona Resources, holding 14% of MEG, has withdrawn its bid and is presumed to have voted against the acquisition.
Analysts are concerned about Cenovus's ability to secure the necessary votes for the deal, which includes cash and shares.
If approved, Cenovus would acquire significant oil sands assets in Alberta.

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Story summary

Cenovus Energy's $8.6 billion takeover of MEG Energy has been postponed, with a shareholder vote now set for October 30, 2023.
Cenovus requires a two-thirds majority for approval but currently has approximately 63% support.
Strathcona Resources, holding 14% of MEG, has withdrawn its bid and is presumed to have voted against the acquisition.
Analysts are concerned about Cenovus's ability to secure the necessary votes for the deal, which includes cash and shares.
If approved, Cenovus would acquire significant oil sands assets in Alberta.