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Cenovus Ups MEG Energy Takeover Bid to $30

MEG Energy (TSX: MEG) has again seen the transaction with Cenovus Energy (TSX: CVE) amended, this time following the receipt of support from Strathcona Resources (TSX: SCR). The revised transaction will see share shareholders now receive increased consideration, while Cenovus has agreed to sell certain assets to Strathcona as part of the transaction to get the deal across the finish line.

The revised terms of the arrangement will now see MEG shareholders receive $30.00 per share in compensation from Cenovus, which represents a 47% premium to the 20 day volume weighted average price of MEG as of May 15. The figure also represents a $0.43 per share increase in value relative to the prior offer.

You can read more on the matter here.

What’s going on?

• Russia’s Lukoil Faces Closures In Europe Post-US Sanctions (theDeepDive)

• Qualcomm Launches AI Chips to Challenge Nvidia’s Dominance (WSJ)

• Canada Lags Regulatory Certainty As $20B In Capital Shifts South (theDeepDive)

• Ford says he won’t apologize for anti-tariff ads that scuttled trade talks with U.S. (TS)

• Ford’s Reagan Ad Draws Ire, Additional 10% Tariff From Trump (theDeepDive)

• Airbnb wants to prevent Halloween parties in the U.S. and Canada (CNBC)

• The Best News for Gold Was the Drop! – Peter Grandich (theDeepDive)

• US companies strike $80bn in mergers as Trump boosts dealmaking (FT)

• Silver at $100? This Time It Might Stay There. | David Morgan (theDeepDive)

• French Budget Amendment Hikes Corporate Tax in Compromise Bid (Bloomberg)

• This Isn’t A Gold Rally. It’s A Warning! | Adrian Day (theDeepDive)

What’s the latest?

• Trade War: Prime Minister Mark Carney will meet Chinese President Xi Jinping at the APEC summit in South Korea — the first formal Canada-China leaders’ meeting since 2017. The discussion aims to reset bilateral ties strained since the 2018 Huawei and “Two Michaels” incidents. The talks follow Foreign Minister Anita Anand’s recent Beijing visit and ongoing trade tensions over tariffs on EVs, solar panels, and agricultural products. Carney said the meeting will focus on rebuilding long-term relations beyond trade issues.

• Markets: The S&P/TSX composite index fell 205.36 points to 30,147.71 as gold prices dropped below US$4,000 an ounce. Major gold miners declined, while U.S. markets gained — the Dow up 209.62 points, S&P 500 up 60.58, and Nasdaq up 350.89. The Canadian dollar traded at 71.43 cents US. Crude oil rose to US$61.99 per barrel, while gold fell to US$3,989.30 an ounce.

• BoC: Most economists expect the Bank of Canada to cut its benchmark rate by another 0.25% to 2.25% this week, despite stronger jobs (+60,000 in September) and higher inflation (2.4%) data. BMO and RBC analysts cite weak overall job growth, a 7.1% unemployment rate, and easing inflation expectations as reasons for further cuts. Markets give over 80% odds of a rate reduction. BMO forecasts rates will bottom at 2% before the easing cycle ends, as Canada faces trade uncertainty and potential fiscal stimulus in the Nov. 4 budget.

• AI: Wells Fargo found that since ChatGPT’s 2022 launch, productivity (real revenue per worker) rose 5.5% for S&P 500 firms but fell 12.3% for Russell 2000 small caps, widening the AI-driven productivity gap. The S&P 500 is up 74%versus 39% for the Russell 2000 in that period. Large firms like Amazon, Meta, Microsoft, and IBM are cutting headcount and improving margins via AI automation, while smaller firms lag in scaling adoption. Despite 68% of small businesses using AI, most can’t match big firms’ efficiency gains, intensifying the divide.

• Economy: Canada’s GDP contracted 0.4% in Q2 2025, marking the first decline in over a year amid U.S. tariffs and weak global demand. Exports plunged 7.5%, the largest drop since 2009 (excluding COVID), hitting steel, aluminum, and auto sectors hardest. Manufacturing, wholesaling, and employment all stagnated, with no net job growth from February to August. Over half of manufacturers and nearly half of wholesalers reported tariff impacts, with many businesses passing higher costs to consumers.

Teck Resources Q3 Earnings

The stock market and stuff

• Perpetua Secures $255 Million In Funding From Agnico Eagle And JPMorganChase (theDeepDive)

• This Is Why the Gold Run Is Not Done! | Peter Marrone – Allied Gold (theDeepDive)

• Argentine bonds and currency surge after victory for Javier Milei’s party (FT)

• Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic (theDeepDive)

In the juniors

• Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet (theDeepDive)

• A Gold District Hidden In Plain Sight!? | Michael Bennett – Altamira Gold (theDeepDive)

• 200 Grams of Gold And 21% Copper — That’s Not Normal | Matt Wilson – Sterling Metals (theDeepDive)

• McEwen Copper: The Los Azules Feasibility Study (theDeepDive)

FULL DISCLOSURE: First Majestic Silver is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Majestic Silver. The author has been compensated to cover First Majestic Silver on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.