CALGARY – MEG Energy Corp. shareholders have given their blessing to an $8.6-billion takeover by fellow oilsands producer Cenovus Energy Inc.
Chairman James McFarland says 86 per cent of shareholders voted in favour of the deal, well above the two-thirds majority required for it to pass.
The special meeting to vote on the bid was postponed three times and the Cenovus offer sweetened twice.
The saga began in the spring when Strathcona Resources Ltd. made a hostile bid for MEG and was spurned by its board.
In August, Cenovus emerged with a competing bid, which the MEG board accepted.
Last month Strathcona dropped its pursuit and pledged to vote its 14.2 per cent stake in favour of the latest Cenovus offer.
This report by The Canadian Press was first published on Nov. 6, 2025.
Companies in this story: (TSX:CVE, TSX:MEG, TSX:SCR)
