On October 15, 2025, Cenovus Energy Inc. announced that it had acquired 21,723,540 common shares of MEG Energy Corp., representing 8.5% of MEG’s 254,378,035 outstanding shares. The shares were purchased through the Toronto Stock Exchange or other Canadian alternative exchanges, and the acquisition is part of Cenovus’s previously announced transaction to acquire MEG Energy for a total value of C$7.9 billion.
The transaction increases Cenovus’s control or direction over the acquired shares, strengthening its position in the Canadian oil sands sector. By adding MEG’s reserves and production capacity to its portfolio, Cenovus is consolidating upstream assets and moving closer to completing the full acquisition of MEG Energy. The move aligns with Cenovus’s strategy to enhance free cash flow and reduce net debt while expanding production.
The acquisition enhances shareholder value by expanding production capacity and improving the company’s upstream asset base. It also reduces the need for future capital expenditures on new assets, supporting Cenovus’s goal of delivering robust free cash flow and higher shareholder returns. The transaction is a significant step toward the company’s long‑term growth and value creation objectives.
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