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flag Cenovus Energy’s $8.6B takeover of MEG Energy cleared a key hurdle with 86% shareholder approval, paving the way for a mid-November closing.

flag MEG Energy shareholders have approved Cenovus Energy’s $8.6-billion takeover, with 86% voting in favor, clearing a major hurdle after multiple delays. flag The deal, which combines their oilsands operations at Christina Lake, would boost Cenovus’ production by 110,000 barrels per day, potentially reaching 850,000 boe/d by 2028. flag The transaction, initially challenged by a competing bid from Strathcona Resources, was delayed by a regulatory complaint and a side agreement for Strathcona to buy certain assets from Cenovus for up to $150 million. flag With shareholder approval secured and no further opposition, the merger is expected to close in mid-November pending final court and regulatory approvals.

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