Deals
MEG Delays Cenovus Meeting, Says Deal Still Doesn’t Have the Votes
Employees adjust a wedge well at a Cenovus oil production facility in Conklin, Alberta.
Photographer: Brent Lewin/BloombergOil producer MEG Energy Corp. postponed its planned shareholder vote on a takeover offer from Canadian rival Cenovus Energy Inc., saying it’s still just short of the support it needs for the deal to pass.
MEG shareholders will now meet on Oct. 30 instead of Oct. 22, the company said in a statement Tuesday. So far, about 63% of the MEG shares voted by proxy or expected to be voted in person have been cast in favor of the deal, it said, but it needs two-thirds for the transaction to pass.