Cenovus, MEG Energy Tie-Up Likely Done-Deal With Strathcona Support -- Market Talk
Dow Jones
Oct 27
1008 ET - With Strathcona's support for the Cenovus and MEG Energy tie-up, the marriage seems to be a done deal. TD Cowen's Menno Hulshof says in a report that Cenovus now has large shareholder and former bidding rival Strathcona's backing for its MEG bid, boosting support to 79% versus the 66.6% needed to pass the motion. With new support in place, the analyst says he sees effectively no risk to the deal passing at the meeting on Oct. 30. "The interesting wrinkle is Strathcona simultaneously acquiring select thermal assets from Cenovus for as little as $75 million cash and upwards of $150 million including contingent payments," Hulshof adds. (adriano.marchese@wsj.com)
(END) Dow Jones Newswires
October 27, 2025 10:08 ET (14:08 GMT)
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