Cenovus Energy sweetens deal to acquire MEG Energy, now offering C$29.80 per share with a mix of cash and stock. Record Q3 production and throughput reported. MEG shareholders can choose cash or stock, with revised offer exceeding previous terms by C$1.32 per share. Regulatory hurdles cleared, special meeting postponed to October 22.

Cenovus plans to buy up to 9.9% of MEG shares before vote, aiming to bolster transaction. Share buybacks to increase post-deal approval, aligning with capital return strategy. Q3 saw 40.4 million shares repurchased for C$900 million. Upstream and downstream operations thriving, with record production and completion of WRB Refining LP sale.

Major projects on track, with Narrows Lake output increasing and first oil from Foster Creek and West White Rose expected in 2026. Cenovus aims to consolidate oil sands sector, expand heavy oil portfolio in Christina Lake region, and solidify position as a top North American integrated oil producer.

Cenovus’s improved offer reflects confidence in asset value and strategic fit with MEG. The company’s commitment to enhancing the deal amidst strong operations demonstrates belief in long-term success and growth potential.

Read more at Yahoo Finance: Cenovus Raises Offer for MEG Energy as Record Output Boosts Momentum