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flag Cenovus Energy buys 8.5% of MEG Energy in $8.6B deal, pending Oct. 22 shareholder vote.

flag Cenovus Energy has acquired an 8.5% stake in MEG Energy, buying 21.7 million shares since October 8, as part of its $8.6 billion all-cash-and-stock takeover bid. flag The move follows Strathcona Resources’ withdrawal of its competing offer. flag The deal, which involves adjacent oilsands operations at Christina Lake, Alberta, awaits a shareholder vote on October 22, 2025.

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