Strathcona Acquires 5% Stake in MEG Energy Following Unsuccessful Bid, Opposes Cenovus Agreement
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 29 2025
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Source: SeekingAlpha
Strathcona Resources' Acquisition Plans
- Increased Stake in MEG Energy: Strathcona Resources announced its intention to purchase an additional 5% stake in MEG Energy, raising its ownership from approximately 9.2% to about 14.2%.
- Opposition to Cenovus' Acquisition: Strathcona plans to vote against Cenovus Energy's $7.9 billion acquisition of MEG Energy, which requires a two-thirds majority from MEG shareholders at a special meeting on October 9.
Cenovus Energy and MEG Energy Merger
- Formation of a Major Oil Sands Company: The merger between Cenovus and MEG Energy is set to create one of Canada's largest oil sands companies, combining MEG's Christina Lake operations with Cenovus' assets.
- Production Growth Projections: The combined entity is expected to increase its total oil sands production from 720,000 barrels per day to 850,000 barrels per day by 2028.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
