08:22 AM EDT, 08/29/2025 (MT Newswires) -- Cenovus Energy's ( CVE ) proposed acquisition of MEG Energy is facing opposition from Canadian oil and gas producer Strathcona Resources, which said it intends to acquire an additional 5% of the company and oppose the Cenovus bid.

Strathcona currently holds a roughly 9.2% stake in MEG Energy and intends to raise it to about 14.2%, the company said Thursday.

Cenovus said on Aug. 22 that it would acquire MEG Energy in a cash-and-stock deal worth 7.9 billion Canadian dollars ($5.75 billion), including assumed debt.

Cenovus' stock was down 1.4% in recent Friday premarket activity.