Cenovus to Buy MEG as Canada’s Oil Sands Consolidate Further ...Middle East

Cenovus Energy on Friday announced it has entered into a definitive arrangement agreement to acquire MEG Energy Corp in a cash and stock deal valued at US$5.7 billion (C$7.9 billion), including assumed debt. The agreement between Cenovus and MEG marks the end of a months-long saga in which suitors have sought to buy MEG Energy. Earlier this year, Strathcona Resources made an unsolicited offer to acquire MEG Energy, but MEG’s board rejected the offer and advised shareholders to reject it too and not tender their shares. MEG’s board said…

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