Cenovus falls after agreeing to buy Athabasca in C$5.7 bln deal

Cenovus Energy Incorporation

05/10/2026 15:28

Updates
** Cenovus Energy CVE.TO shares fall 3.6% to C$44.60
** Athabasca Oil ATH.TO jumps ~15.3% to C$12.10 — highest since May 2026 
** Canadian oil producer Cenovus agrees to acquire Athabasca in cash-and-stock deal valued at C$5.7 billion ($4 billion) 
** Athabasca shareholders may elect to receive C$12 in cash, 0.264 Cenovus shares, or a combination for each share held
** Deal to add ~45,000 boepd to Cenovus, expand its oil sands footprint in Alberta
** Cenovus sees C$85 mln/year synergies
** Deal expected to close in December
** Including session's move, CVE up 91.2% YTD

 ($1 = C$1.42 Canadian dollars)

 (Reporting by Tyakshi Singh and Varun Sahay in Bengaluru)
 ((Tyakshi.singh@thomsonreuters.com))