Indigenous Partners and Cenovus Explore Joint Takeover of MEG Energy

Cenovus Energy is in talks with Indigenous groups to jointly acquire MEG Energy Corp. The coalition, including Chipewyan Prairie First Nation and Heart Lake First Nation, is exploring a C$2 billion stake in MEG, backed by potential federal and provincial financing. Cenovus would acquire the remaining shares. The deal, which could come as soon as September, would mark the first large, direct Indigenous ownership stake in an oil sands producer.