Cenovus-MEG Deal Clears Shareholder Vote Amid Rocky Road to Completion

Cenovus Energy has successfully acquired MEG Energy after 86% of MEG shareholders voted in favor of the $8.6 billion deal. The acquisition will create one of North America's largest integrated oil producers, expanding Cenovus' heavy oil footprint in the Canadian oil sands. The deal was initially valued at $5.7 billion, but was later sweetened to $6.2 billion. Regulatory approvals and final court approval are expected to be formalities at this point.