In early Tuesday trading, shares of Cenovus Energy (CVE), a major Canadian oil sands producer, declined 0.4% following the company's acquisition of an 8.5% stake in MEG Energy Corporation (MEGEF) as part of a takeover bid. The transaction values MEG at CAD 7.6 billion (approximately USD 5.41 billion). This acquisition is designed to strengthen Cenovus's position in Canada's oil and gas sector, with shareholder voting scheduled for October 22.
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