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Cenovus Secures MEG Deal with Strathcona's Support

10/28/2025

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Summary

Story summary

Cenovus Energy reached a deal with Strathcona Resources to back Cenovus's bid for MEG Energy, ending the takeover battle.
Strathcona, which owns 14.2% of MEG and had opposed Cenovus's offer, will receive Cenovus's Vawn thermal oil project and undeveloped lands for C$75 million plus contingent payments.
Cenovus has increased its bid to C$30 per MEG share.
Analysts expect the merger to secure shareholder approval at the upcoming October 30 meeting.

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Story summary

Cenovus Energy reached a deal with Strathcona Resources to back Cenovus's bid for MEG Energy, ending the takeover battle.
Strathcona, which owns 14.2% of MEG and had opposed Cenovus's offer, will receive Cenovus's Vawn thermal oil project and undeveloped lands for C$75 million plus contingent payments.
Cenovus has increased its bid to C$30 per MEG share.
Analysts expect the merger to secure shareholder approval at the upcoming October 30 meeting.