MEG vote on Cenovus acquisition hit with last-minute delay over 'regulatory inquiry'

The vote is expected to bring to a close a messy, months-long battle that saw Cenovus pitted against hostile rival Strathcona

A shareholder vote to approve Cenovus Energy Inc.’s $8.6-billion acquisition of MEG Energy Corp. is still scheduled to go ahead Thursday, despite the target company announcing a last-minute delay of a few hours to address a “regulatory inquiry.”

Shareholders in the oilsands producer who turned up in-person or virtually for the special meeting in Calgary Thursday morning expecting either to vote or to hear the final decision announced were surprised by news of the postponement until 2 p.m. (4 p.m. Eastern).

“I’ve made a decision to recess the meeting until 2 p.m. this afternoon in order to give us time to address a regulatory inquiry that came in late yeste