According to a UBS research report, CKH Holdings (00001), which holds a 16% stake in Cenovus, has seen Cenovus announce the acquisition of Athabasca Oil through a cash and stock deal.

The bank estimates that this transaction could have a slight negative impact of approximately 0.27% on CKH Holdings' net asset value. UBS maintains its "Buy" rating on CKH Holdings with a target price of HK$101.

The bank noted that Cenovus accounts for approximately 9% of CKH Holdings' net asset value, and its share price fell 3% following the announcement of the acquisition.