Boilers at the Cenovus Christina Lake oilsands facility, southeast of Fort McMurray, Alta. Earlier this month, Cenovus raised its bid for MEG Energy to $8.6-billion.

Canadian oil and gas producer Cenovus Energy CVE-T said on Tuesday it has acquired about 21.7 million common shares of MEG Energy MEG-T prior to a vote on the merger between the two companies.

Cenovus now owns or controls about 8.5 per cent of MEG’s 254.4 million outstanding shares, acquired since October 8.

The two companies have also revised a standstill agreement to allow Cenovus to acquire up to 9.9 per cent of MEG shares ahead of the merger vote.

Strathcona ends hostile takeover bid for MEG Energy

Earlier this month, Cenovus raised its bid for MEG to $8.6-billion, including debt.

MEG’s shareholder meeting has

See Full Page