CDN NEWS | 
US NEWS 
Suncor Energy Inc., Canadian Natural Resources Ltd. and ConocoPhillips also have been named as possible buyers of MEG
Bloomberg News
Cenovus has been named as a potential rival bidder for MEG after Strathcona Resources Ltd. unveiled plans last week to take a $5.93 billion takeover offer to MEG’s shareholders. Photo by Jeff
Cenovus Energy Inc.’s top executive downplayed the chance the oil sands producer would offer to buy MEG Energy Corp., saying he’s more focused on expanding existing assets than making acquisitions.
Cenovus has been named as a potential rival bidder for MEG after Strathcona Resources Ltd. unveiled plans last week to take a $5.93 billion takeover offer to MEG’s shareholders. Cenovus operates oil sands wells adjacent to MEG’s 100,000-barrel-a-day operation.
“We want to keep growing, but organic growth right now is our focus,” Cenovus chief executive Jon McKenzie said in response to a question about a potential MEG bid at an event in Calgary Friday. Still, he declined to comment directly on whether his company is interested in a takeover.
Suncor Energy Inc., Canadian Natural Resources Ltd. and ConocoPhillips also have been named as possible buyers of MEG.
MEG shares were trading at $24.51 at 1:38 p.m. in Toronto on Friday, above Strathcona’s offer price, indicating investors may expect a higher bid.
Bloomberg.com
Share This:
