Cenovus Energy had been floated by analysts as a possible white-knight buyer after Strathcona Resources said it planned to launch a hostile takeover big for MEG Energy.

MEG Energy has found its white knight.

Two months after rejecting a nearly $6-billion hostile takeover offer from Strathcona Resources Ltd, MEG agreed Friday to a friendly deal with Cenovus Energy Inc. that values the last of Canada’s large pure-play oil sands producers at nearly $7-billion. Analysts had been expecting another bidder to emerge since shortly after Strathcona launched its bid in May, with Cenovus specifically named by Royal Bank of Canada analyst Greg Pardy as the most likely suitor.

Cenovus and MEG have neighbouring operations in northern Alberta, and combining the two companies would create Canada’s

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