CALGARY – Cenovus Energy Inc. says it has increased its stake in MEG Energy Corp. to 9.8 per cent.
The company, which has made a friendly takeover offer for MEG, says it has acquired roughly 3.28 million additional shares in the company to bring its total holdings to 25 million MEG shares.
The announcement follows a decision by Strathcona Resources Ltd. last week to drop its rival takeover offer for MEG.
The Cenovus offer values MEG at $8.6 billion, including assumed debt, and is made up of half cash and half stock.
MEG shareholders are set to vote on the proposal on Oct. 22.
Cenovus and MEG have neighbouring oilsands properties at Christina Lake, south of Fort McMurray, Alta.
This report by The Canadian Press was first published Oct. 15, 2025.
Companies in this story: (TSX:CVE, TSX:MEG, TSX:SCR)
