Cenovus Energy (CVE) to Acquire MEG Energy Corp

Cenovus Energy Inc. (NYSE:CVE) is one of the Most Undervalued International Stocks According to Analysts. On August 22, Cenovus Energy Inc. (NYSE:CVE) announced that it will acquire MEG Energy Corp in a deal worth $7.9 billion, including debt.

As per the transaction details, the purchase price for each MEG share is $27.25, which will be paid 75% in cash and 25% in Cenovus stock. MEG shareholders can choose all cash, all shares, or a mix, with limits on the total cash and shares offered. Management noted that this deal creates a leading producer of SAGD oil sands with combined output over 720,000 barrels per day. The company expects to gain more than $400 million in annual cost savings by 2028 through synergies in operations and corporate functions.

A fleet of oil tankers at sea, representing the global reach of a crude oil supplier.

Cenovus Energy Inc. (NYSE:CVE) is a Canadian integrated energy company involved in oil and natural gas production. It operates oil sands, conventional, and offshore projects in Canada and the Asia Pacific region.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.