Monday, Cenovus Energy Inc. (CVE) announced a second amending agreement regarding acquisition of MEG Energy Corp., offering MEG shareholders the option to receive either $30 in cash or 1.255 Cenovus common shares in exchange for one MEG common share.
Concurrently, the company has entered into a voting support agreement with Strathcona Resources Ltd.
Under this deal, Strathcona has agreed to vote its 36.1 million common shares of MEG in favor of the Cenovus-MEG Transaction at the special meeting of MEG shareholders.
Additionally, Cenovus announced the sale of certain assets to Strathcona for a consideration of upto $150 million, including of $75 million cash to be paid upon closing, and up to $75 million in contingent consideration dependent on future commodity prices.
The company expects the asset sale transaction to complete in the fourth quarter of 2025.
In the pre-market hours, CEV is trading at $17.18, up 0.59 percent on the New York Stock Exchange.
For comments and feedback contact: editorial@rttnews.com
Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.