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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Should l Buy ?
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.
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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.
