financetom
Business
financetom
/
Business
/
MEG Energy adjourns shareholder vote on Cenovus offer citing regulatory inquiry
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
MEG Energy adjourns shareholder vote on Cenovus offer citing regulatory inquiry
Oct 30, 2025 6:53 PM

*

MEG vote rescheduled to November 6

*

Cenovus and former rival Strathcona announced voting

support

deal Monday

*

Meeting delay will allow for disclosures around Cenovus

sale of

assets to Strathcona

(Adds regulator comment in paragraph 9, background)

By Amanda Stephenson

Oct 30 (Reuters) - The board of Canadian oil sands

company MEG Energy ( MEGEF ) adjourned its expected shareholder

vote Thursday on a buyout by Cenovus Energy ( CVE ), saying a

regulatory inquiry has prompted the need to disclose additional

information.

The vote on the sale, which would have ended a months-long

bidding saga for what is Canada's last pure-play oil sands

producer, will take place on November 6 instead, MEG's board

chair James McFarland said.

The adjournment is being made with Cenovus' consent, he

said, and will give MEG the opportunity to make disclosures

around an asset transaction announced Monday between Cenovus and

one-time rival bidder Strathcona Resources ( STHRF ).

Cenovus said Monday it had entered into a voting support

agreement with Calgary-based Strathcona, which owns 14.2% of MEG

and had previously indicated it would vote against Cenovus'

offer.

In exchange, it said Strathcona would purchase from Cenovus its

Vawn thermal oil project in Saskatchewan as well as certain

undeveloped lands in Saskatchewan and Alberta for C$75 million

($53.5 million) in cash at closing, and additional contingent

payments of up to C$75 million.

Cenovus and Strathcona, which kicked off the battle for MEG in

May by launching a hostile bid for the oil sands producer, had

been locked for months in a bidding war. But Strathcona

abandoned its pursuit after Cenovus raised its offer

price earlier this month.

Analysts had said the deal between the two former rivals would

push Cenovus' support for its offer to well above the

approximately 66% of MEG shareholders it needed for its bid.

But last week three MEG shareholders told Reuters they had filed

complaints with Alberta's securities regulator over what they

view as the board's attempt to tilt the sales process in

Cenovus's favour.

A spokesperson for the Alberta Securities Commission

declined to comment.

($1 = 1.4024 Canadian dollars)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
AI startup SandboxAQ adds Nvidia, Google as backers, raises additional $150 million
AI startup SandboxAQ adds Nvidia, Google as backers, raises additional $150 million
Apr 4, 2025
SandboxAQ, a startup drawing on quantum computing techniques to develop quantitative artificial intelligence models for enterprises, said it has raised $150 million from new investors including Google, Nvidia ( NVDA ) and BNP Paribas. The investment has increased SandboxAQ's Series E round to $450 million, valuing the startup at $5.75 billion. With this, SandboxAQ's total funding has reached $950 million,...
AI startup SandboxAQ adds Nvidia, Google as backers, raises additional $150 million
AI startup SandboxAQ adds Nvidia, Google as backers, raises additional $150 million
Apr 4, 2025
April 4 - SandboxAQ, a startup drawing on quantum computing techniques to develop quantitative artificial intelligence models for enterprises, said it has raised $150 million from new investors including Google, Nvidia ( NVDA ) and BNP Paribas. The investment has increased SandboxAQ's Series E round to $450 million, valuing the startup at $5.75 billion. With this, SandboxAQ's total funding has...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Scotiabank Previews Friday's Jobs Report in Canada
Scotiabank Previews Friday's Jobs Report in Canada
Apr 4, 2025
08:06 AM EDT, 04/04/2025 (MT Newswires) -- Canada's Labour Force Survey (LFS) for March arrives at 8:30 a.m. ET Friday, noted Scotiabank. Whether or not the LFS data sparks market wiggles, it doesn't matter amid intensifying forward-looking risks to the whole global economy, said the bank. Scotiabank said that it expects job gains of 25,000 in March versus a consensus...
Copyright 2023-2026 - www.financetom.com All Rights Reserved