Cenovus Energy (CVE) is working on a bid for MEG Energy that will compete with Strathcona Resources' takeover offer, the Financial Post reported, citing people with knowledge of the bidding process.
MEG has set a July 28 deadline for bidders, the sources reportedly said.
Cenovus is seeking financing for the deal but may ultimately decide not to proceed, according to the news outlet Wednesday.
Cenovus and MEG Energy did not immediately respond to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Price: 14.31, Change: -0.32, Percent Change: -2.20
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.