Cenovus signs $7.9 billion cash-and-stock deal to buy MEG Energy

An oil pumpjack is seen in silhouette against the sun.

Cenovus Energy Inc. has signed a cash-and-stock deal to buy MEG Energy Corp. that values the company at $7.9 billion, including debt. The deal comes after Strathcona Resources Ltd. made an unsolicited offer for MEG in May that the company urged shareholders to reject.

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