Cenovus Energy is set to acquire Meg Energy in a C$7.9 billion (US$5.7 billion) cash-and-stock deal that will strengthen its position as one of the top three Canadian oil sands producers and further consolidate Alberta's prolific oil sands resources in the hands of a few companies.
Cenovus Strengthens Oil Sands Position With Meg Deal
The deal will reinforce Cenovus's position as one of the top three oil sands producer and follows Meg's rejection of a hostile bid from Strathcona Resources.
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