Big Moves in Calgary's Energy Scene: MEG Shareholders Say Yes to Cenovus Deal
Calgary's energy landscape is buzzing with activity! MEG Energy shareholders have decisively greenlit a major C$8.6 billion merger with Cenovus Energy, a move announced on November 6, 2025. With a resounding 86% vote in favour at a special shareholders meeting, the deal easily cleared the two-thirds majority required, setting the stage for a potential mid-November wrap-up, pending court approval. Even a minority vote saw 83% give their blessing. Notably, former hostile bidder Strathcona Resources, MEG's second-largest shareholder, has backed down and pledged support for the Cenovus acquisition.
This significant consolidation is part of a larger trend rocking Calgary's oil patch. Just yesterday, November 5, Ovintiv announced its own C$3.8 billion acquisition of Calgary-based NuVista Energy, highlighting a period of strategic realignments within our dynamic energy sector. While the city grapples with a projected 7.5% unemployment rate in 2025 amidst rapid population growth, Calgary's overall economic performance is still expected to outpace both Alberta and Canada. These big deals, alongside ongoing dialogues around clean energy innovation, underscore the city's ever-evolving and often electrifying economic pulse. Stay tuned, Calgary – the energy future is certainly in motion!
