Cenovus ‘resolute in our commitment’ to MEG deal, CEO says

Core Viewpoint - Cenovus Energy Inc. is confident in its takeover bid for MEG Energy Corp., despite a recent regulatory inquiry related to a complaint from a former MEG employee holding approximately 4,000 shares [1][2]. Group 1: Takeover Bid Details - 86% of MEG shareholders have voted in favor of the deal or indicated their intention to do so, surpassing the required two-thirds threshold [2]. - The deal, valued at $8.6 billion including assumed debt, is anticipated to close in November [2]. - The acquisition will add 110,000 barrels of daily oilsands production to Cenovus' portfolio, increasing total production to 720,000 barrels of oil equivalent per day (boe/d), with potential growth to 850,000 boe/d by 2028 [5]. Group 2: Competitive Landscape - MEG accepted Cenovus's takeover offer in August after rejecting a hostile bid from Strathcona Resources Ltd., which holds a 14.2% stake in MEG [6]. - Strathcona Resources has since withdrawn from the bidding process and pledged support for Cenovus's offer [6]. Group 3: Financial Performance - Cenovus reported a third-quarter profit of $1.29 billion, an increase from $820 million a year ago, translating to 72 cents per diluted share, up from 42 cents [8]. - Revenue for the quarter was $13.20 billion, down from $13.82 billion in the same quarter last year [9]. - Total upstream production for the quarter was 832,900 boe/d, an increase from 771,300 boe/d in the previous year [9].