Latest news with #takeover bid
Yahoo
3 days ago
- Business
- Yahoo
Cenovus and Indigenous Partners Eye Joint MEG Energy Takeover
Cenovus Energy Inc. is in discussions with a coalition of Indigenous groups in Canada to jointly acquire MEG Energy Corp., an oil sands producer currently fending off an unsolicited takeover bid. Bloomberg notes that the group — which includes Chipewyan Prairie First Nation and Heart Lake First Nation — is exploring a C$2 billion ($1.45 billion) stake in MEG, backed by potential federal and provincial financing. Cenovus would acquire the remaining shares, people familiar with the talks said. A joint offer could come as soon as September, though negotiations could still collapse. Neither Cenovus, MEG, nor the Indigenous groups responded to requests for comment. Natural Resources Canada declined to weigh in, and the Alberta Indigenous Opportunities Corp., which finances Indigenous energy investments, did not respond. If completed, the deal would mark the first large, direct Indigenous ownership stake in an oil sands producer, uniting two Calgary-based operators in Alberta's oil-rich northeast. MEG's Christina Lake project spans 200 square kilometres and is approved to produce up to 210,000 barrels per day. MEG became a takeover target in May when Strathcona Resources Ltd., led by tycoon Adam Waterous, launched an unsolicited cash-and-stock bid valuing the company at C$6 billion after building a 9.2% stake. MEG's board urged shareholders to reject the C$23.27-per-share offer as inadequate and began a strategic review to seek better options. Shares recently traded at C$25.85, suggesting investors anticipate a higher bid. For Alberta's First Nations, the bid aligns with a growing push to own major energy infrastructure — from pipelines to storage facilities — to secure long-term revenue and greater control over local projects. Energy companies have increasingly sought such partnerships to strengthen community relations and avoid environmental or legal conflicts. Cenovus, Canada's third-largest crude producer, operates near MEG's Christina Lake site. The company produced about 800,000 barrels of oil equivalent per day in 2023, primarily bitumen. The Financial Post previously reported that Cenovus was preparing a bid for MEG. Read this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
3 days ago
- Business
- 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.
Yahoo
17-07-2025
- Business
- Yahoo
Doubts About 7-Eleven US IPO Emerge After Couche-Tard Scraps Bid
(Bloomberg) -- Seven & i Holdings Co. is drawing some skepticism about its plan to take its North American convenience stores business public after Circle K-operator Alimentation Couche-Tard Inc. abandoned its ¥6.77 trillion ($46 billion) takeover bid of the Japanese retailer. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say Now that Couche-Tard has walked away, there's little reason for Seven & i to list 7-Eleven Inc. — one of its most prized businesses — because it no longer needs to fend off an unsolicited offer, according to investors and analysts interviewed by Bloomberg on Thursday. Bloomberg Intelligence estimates the 7-Eleven business could be valued at about $40 billion. 'The company should keep holding its entire stake as the situation has changed,' said Ikuo Mitsui, a fund manager at Aizawa Securities Group Co. '7-Eleven is the company's crown jewel, and it makes more sense for it to keep its 100% stake, which should contribute to higher corporate value.' Doubts about 7-Eleven's IPO are growing in spite of the parent saying that plans for a US IPO are still in place, even after Couche-Tard's withdrawal. At stake is the future of what could be one of the world's biggest IPOs in years — a person familiar with the matter has said the deal could raise more than ¥1 trillion. Asked to comment on the doubts, Seven & i said there's currently no change to its IPO plan of the North American convenience store business. According to Taku Sugawara, an analyst at Iwai Cosmo Securities Co., Seven & i may have considered listing 7-Eleven to push up the listed parent's stock price as part of its defense against Couche-Tard's unsolicited bid. 'Now, the only thing that Seven & i has to do is pursue self-growth,' Sugawara said. 'It's possible for the company to end up scrapping the IPO plan.' Aizawa's Mitsui took it a step further. 'There's no need now to list the US business,' he said. --With assistance from Koh Yoshida. How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Forget DOGE. Musk Is Suddenly All In on AI How Hims Became the King of Knockoff Weight-Loss Drugs The Quest for a Hangover-Free Buzz Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot ©2025 Bloomberg L.P.
Bloomberg
17-07-2025
- Business
- Bloomberg
Doubts About 7-Eleven US IPO Emerge After Couche-Tard Scraps Bid
Seven & i Holdings Co. is drawing some skepticism about its plan to take its North American convenience stores business public after Circle K-operator Alimentation Couche-Tard Inc. abandoned its ¥6.77 trillion ($46 billion) takeover bid of the Japanese retailer. Now that Couche-Tard has walked away, there's little reason for Seven & i to list 7-Eleven Inc. — one of its most prized businesses — because it no longer needs to fend off an unsolicited offer, according to investors and analysts interviewed by Bloomberg on Thursday. Bloomberg Intelligence estimates the 7-Eleven business could be valued at about $40 billion.
