Latest news with #bid
Yahoo
16 hours ago
- Business
- Yahoo
Oilsands giant Cenovus Energy said to be preparing competing bid for MEG
Oilsands giant Cenvous Energy Inc. is said to be preparing a bid for MEG Energy Corp., setting up a potential challenge to Strathcona Resources' hostile takeover offer, sources tell the Financial Post. The sources, who have knowledge of the bidding process, said MEG has set a Monday deadline for companies to submit bids to buy the oilsands producer, valued at $6.8 billion on the stock market as of Wednesday's market close. Cenovus is believed to be seeking financing to support the bid, the sources said, but there is no guarantee it will proceed. Cenovus had previously downplayed speculation about a potential acquisition, and did not immediately respond to requests for comment Wednesday. MEG declined to comment. If Cenovus proceeds with a bid, it would represent a significant escalation in the battle for control of MEG, one of Canada's largest pure-play oilsands producers, which kicked off in earnest last May with Strathcona's announcement of a $6-billion cash-and-stock takeover offer. MEG has called Strathcona's unsolicited bid 'inadequate', urging shareholders last June to reject the proposal and launching a strategic review of alternatives, including the invitation of potential rival bids for the company. Earlier this month, Strathcona said in a release that MEG's board has refused to engage. Strathcona's offer remains open until Sept. 15. An analyst at Royal Bank of Canada said in May that Cenovus would be 'the most logical fit' to buy MEG, given that both companies have operations in the same oilsands region in northeastern Alberta, and could cut costs. Cenovus is still carrying debt from previous acquisitions and mergers — including the company's $3.8-billion merger with Husky Energy in 2021 — though analysts have said previously that the company had made progress in deleveraging towards a total net debt target of $4 billion. The company's net debt is estimated to be about $5.96 billion as of June 30, RBC Capital Markets wrote in a research note Tuesday previewing the company's second-quarter earnings and balance sheet. MEG was also the target of a hostile takeover attempt by Husky in 2018. Meg Energy urges shareholders to reject takeover offer by Strathcona Resources Strathcona's hostile bid for MEG Energy called the 'largest investment in the Canadian oilpatch in a decade' • Email: mpotkins@
Reuters
2 days ago
- Business
- Reuters
Italy's UniCredit says it is withdrawing bid for Banco BPM
MILAN, July 22 (Reuters) - UniCredit ( opens new tab on Tuesday said it was withdrawing its 14.6 billion euro ($17 billion) all-share bid for Banco BPM ( opens new tab. Italy's second-biggest bank said in a statement government-set terms for the bid, which it has been fighting in court scoring a partial victory earlier this month, had derailed the bid. "The normal offer process has been impacted by the Golden Power provision," the bank said, referring to special powers Rome has to set conditions, or block, corporate deals on grounds of public order or national security. UniCredit said a 30-day suspension of the bid which market watchdog Consob decided earlier on Tuesday was not sufficient to get to a point where all uncertainty around the scope of the government's powers would be cleared. ($1 = 0.8514 euros)
Reuters
2 days ago
- Business
- Reuters
UniCredit says it is withdrawing bid for Banco BPM
MILAN, July 22 (Reuters) - UniCredit ( opens new tab on Tuesday said it was withdrawing its 14.6 billion euro ($17 billion) all-share bid for Banco BPM ( opens new tab. Italy's second-biggest bank said in a statement government-set terms for the bid, which it has been fighting in court scoring a partial victory earlier this month, had derailed the bid. ($1 = 0.8514 euros)
Bloomberg
2 days ago
- Business
- Bloomberg
UniCredit Drops BPM Takeover Bid Amid Government Opposition
UniCredit SpA dropped its bid for rival Banco BPM SpA, ending an eight-month standoff with its rival and the Italian government over the plan to create the country's largest lender. The bank's board decided to withdraw the offer for Banco BPM because the condition relating to government authorization was not satisfied, it said in a statement late Tuesday. UniCredit said that while progress had been made in talks with authorities, a definitive resolution would have gone beyond the extended offer period.
Bloomberg
2 days ago
- Business
- Bloomberg
Italy to Reimpose Most of Its Conditions on UniCredit's BPM Bid
Italy is working on a new decree which is set to reimpose most of its conditions for UniCredit SpA's planned takeover of Banco BPM SpA, underscoring Rome's continued resistance to the bid. The decree will acknowledge a recent court ruling but keep the framework of the requirements in place, according to people familiar with the matter. The draft is still in the early phase and its contents could still change, the people said, asking not to be named as the information is not public.
