Cenovus Executive Downplays Chance of MEG Bid Amid Organic Growth Push

A Cenovus Energy Inc. executive downplayed the chance the oil sands producer would offer to buy MEG Energy Corp., saying the company is more focused on expanding existing assets than making acquisitions.

Cenovus has been named as a potential rival bidder for MEG after Strathcona Resources Ltd. unveiled plans last week to take a C$5.93 billion takeover offer to MEG’s shareholders. Cenovus operates oil sands wells adjacent to MEG’s 100,000-barrel-a-day operation.