Cenovus urges MEG shareholders to approve its cash-and-stock deal, calling it superior to Strathcona’s all-stock offer, with a vote set for October 9, 2025.

Cenovus Energy is urging MEG Energy shareholders to approve its cash-and-stock acquisition offer, calling it a superior, lower-risk deal with a premium valuation and certainty of value. The company highlights synergies, scale, and strong assets, particularly in the Christina Lake oil sands region, while criticizing Strathcona Resources' all-stock proposal as high risk and inferior. MEG’s board unanimously supports Cenovus’s offer, though Strathcona, which owns 14.2% of MEG, calls the deal “lopsided” and the sale process flawed. Shareholder approval by a two-thirds majority is required and is set for October 9, 2025.