Cenovus Energy Inc. is in talks with Indigenous groups in Canada to jointly buy MEG Energy Corp., an oilsands producer that faces an unsolicited US$4-billion takeover bid from a Canadian oil tycoon. Article content

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 $2 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. Article content

Recommended Videos Article content

A joint offer for MEG could be made as early as September, though talks may fall apart. MEG shares rose on the report.

Emails and calls

See Full Page