Cenovus Acquires 8.5% Stake In MEG Energy

(RTTNews) - Cenovus Energy Inc. (CVE), on Tuesday, announced that it has acquired 21,723,540 common shares of MEG Energy Corp. (MEG.TO) through the Toronto Stock Exchange and other Canadian markets.

After the acquisition, the company beneficially owns or controls 8.5% of MEG's 254,378,035 issued and outstanding common shares, all acquired since October 8.

The shares were acquired in support of the company's previously announced transaction with MEG.

The company intends to vote the acquired shares in favour of the transaction and may adjust its ownership depending on market conditions and applicable securities laws.

In the pre-market trading, Cenovus Energy is 1.03% lesser at $17.23 on the New York Stock Exchange.