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  5. CVE: Peter; Would CVE be a possible takeover by US majors? [Cenovus Energy Inc.]
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Q: Peter; Would CVE be a possible takeover by US majors? Is the share structure amenable to a budd? Thanks.
Rod
Asked by Rodney on May 01, 2026
5i Research Answer:

CVE has a single-class share structure and this does make takeovers much easier. The stock is quite cheap at 9x earnings, but is up 147% in the past year. US multi-nationals are trading at much higher valuations, but this of course doesn't guarantee anything. With takeover premium CVE would be a potential $100B acquisition, and the number of buyers would be limited. In addition, with the Iran War uncertainty, we do not see it happening. 

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