October 24, 2025
Cenovus Buys Votes, Not Control At MEG
Cenovus’s 9.8% stake in MEG is about votes, not control. The buys sit just under key thresholds and backstop a tight shareholder vote. Cenovus disclosed it now holds 25,000,000 MEG shares, or 9.8%, and said it intends to vote them for the deal. MEG’s amended standstill lets Cenovus go to 9.9% before the meeting, while the offer sits at C$29.80 per share. Exploit Thresholds, Shape Outcomes Canada’s early warning kicks in at 10% ownership, and a formal take‑over bid regime starts at 20%. Cenovus is threading that 9 point something needle. The Ontario Securities Commission spells out the 10% disclosure
