June 4, 2018 / 6:57 PM / in 4 months

BUZZ-Cenovus Energy falls on report of ConocoPhillips' stake sale plan

** Canadian oil and gas producer’s U.S.-listed shares fall as much as 8.9 pct to $9.47 - biggest intraday pct loss in nearly 1 year

** ConocoPhillips is preparing to offload Cenovus stake it acquired last year - Reuters

** The ConocoPhillips stake in Cenovus is worth C$2.7 bln ($2.1 bln), but it would likely be sold at a small discount, according to Reuters’ sources

** ConocoPhillips has held discussions with investment banks about appointing advisers to the sale, and could offer the shares to institutional investors as early as this month

** ConocoPhillips was the biggest investor in the Calgary, Alberta-based company as of March 31 with a 16.93 pct stake - Thomson Reuters data

** Up to Friday’s close, U.S.-listed shares of Cenovus had risen 13.9 pct this year (Reporting by Ankit Ajmera in Bengaluru)

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