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Canadian oil and gas producer Strathcona Resources said on Thursday it has bought additional 6.04 million common shares of rival MEG Energy for about C$172.7 million ($124.99 million).
Strathcona now owns or controls about 14.2% of MEG’s outstanding shares, strengthening its position as a significant minority shareholder in MEG.
On Tuesday, the company had bought additional 6.66 million MEG shares for about C$190.8 million and held about 11.8% of the MEG shares.
The highest price paid for the MEG shares purchased by Strathcona on Thursday was C$28.78 per share.
Strathcona said it intends to vote against the resolution to approve the acquisition of MEG by Cenovus Energy. MEG has set October 9 for a shareholder vote on its proposed deal with Cenovus.
In August, Cenovus Energy agreed to acquire MEG in a C$7.9 billion cash-and-stock deal, after MEG’s board rejected Strathcona’s lower C$6 billion takeover bid in June.
While MEG’s board has approved the offer, it needs support from at least two-thirds of investors. The deal is expected to close early in the fourth quarter of 2025.
See Strathcona Press Release Here
(Reporting by Pooja Menon in Bengaluru; Editing by Alan Barona and Arun Koyyur)
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