A takeover of MEG would position Cenovus as a dominant player in the Christina Lake region of Alberta. Photo by Handout/Meg Energy Inc/Postmedia files
Oil producer MEG Energy Corp. postponed its planned shareholder vote on a takeover offer from Canadian rival Cenovus Energy Inc. , saying it’s still just short of the support it needs for the deal to pass.
MEG shareholders will now meet on Oct. 30 instead of Oct. 22, the company said in a statement Tuesday. So far, about 63 per cent of the MEG shares voted by proxy or expected to be voted in person have been cast in favour of the deal, it said, but it needs two-thirds for the transaction to pass.
Cenovus, one of the largest crude producers in Canada’s oil sands , struck a friendly deal to buy MEG in August, but was forced to i

The Financial Post MoneyWise Canada

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