01:07 PM EDT, 08/12/2025 (MT Newswires) -- Cenovus Energy ( CVE ) and Indigenous groups in Canada are in talks on acquiring a $2 billion Canadian dollar ($1.45 billion) stake in oil sands producer MEG Energy, Bloomberg reported Tuesday, citing people familiar with the discussions.

The joint bid from Cenovus and a group of First Nations and Metis communities. including Chipewyan Prairie First Nation and Heart Lake First Nation. may be made as early as next month, though discussions may fall through, the report said.

Federal and provincial governments would provide financial support for the Indigenous stake with Cenovus bidding for the rest, the report said.

Cenovus, Chipewyan Prairie First Nation, Heart Lake First Nation and MEG didn't immediately respond to requests for comment from MT Newswires.

(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.)

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