MEG Energy Corp T.MEG

CNOOC announcement

[cashtango00]

They are dropping all assets in North America and  they own 12-13% of MEG's shares.  Wonder if there is a strategic buyer for those shares, do they get dumped on the market, or do they become part of the NCIB?

[topdown99]

MEG does have an NCIB in place so I would expect they will come to an agreed price for Cnooc's piece . Personally I like the idea of getting them out of North America , the US wouldn't even let Cnooc exec's into the country knowing full well they only wanted to steal deep water drilling expertise . Thats China's way , why spend the time to do the work when you can steal the answers

[cashtango00]

the CNOOC's position is larger then MEG's authorized NCIB.  

[Eigen337]

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[topdown99]

Logic would indicate Cnooc will want max value so don't expect one massive dump . I could see Imperial , Suncor even CNQ being approached to buy their stake (in whole or in part) . Time will tell but at $100/b oil , I'm sure there will be interest from somewhere 

[GrandBend]

Maybe that might trigger interest in a takeover ;) 

[Eigen337]

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[Fuzman5902]

I thought it was 307 - 274 =  33 Million  But what do I know? Regards Fuz

[Fuzman5902]

On another note do they not own 25 % of CVE?

[Eigen337]

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[Eigen337]

This post has been removed in accordance with Community Policy

[GrandBend]

Not by much ... MEG is authorized to by back 10% of outstanding ... CNOOC has 13/14%.