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Bloomberg

Cenovus Said to Be in Talks With Indigenous Groups for MEG Bid

Cenovus Energy Inc. is in talks with Indigenous groups in Canada to jointly buy MEG Energy Corp., an oil sands producer that faces an unsolicited $4 billion takeover bid from a Canadian oil tycoon. A group of First Nations and Metis communities including Chipewyan Prairie First Nation and Heart Lake First Nation are in talks with Cenovus about taking a C$2 billion ($1.45 billion) stake in MEG, according to people familiar with the discussions. The Indigenous stake would be backed by financial support from the federal and provincial governments, while Cenovus would bid for the rest, the people said.