06:16 AM EDT, 10/15/2025 (MT Newswires) -- Cenovus Energy ( CVE ) was at last look up 0.7% in the US premarket trade as it announced Wednesday that it has acquired an additional 3,276,460 common shares of MEG Energy ( MEGEF ) through the facilities of the Toronto Stock Exchange or other Canadian alternative exchanges or markets.

Immediately following the acquisition of the common shares, Cenovus beneficially owned, directly or indirectly, and exercised control or direction over, an aggregate of 25,000,000 MEG common shares representing 9.8% of the 254,378,035 MEG common shares issued and outstanding, all of which have been acquired by Cenovus since Oct. 8, 2025.

CVE said the MEG common shares were acquired as part of its prior announced transaction with MEG.

This comes after Strathcona Resources ( STHRF ) , after trade last Friday, ended its takeover bid for MEG as it believed "conditions to its offer, or any reasonably improved offer, are no longer capable of being satisfied" as a result of the revised arrangement agreement between the MEG board of directors and Cenovus.