The deal between Cenovus and MEG would create one of the largest oil sands companies in Canada.

Oil and gas producer Strathcona Resources SCR-T said on Thursday it intends to buy an additional 5 per cent stake in rival MEG Energy MEG-T and vote against the acquisition of MEG by another rival, Cenovus Energy CVE-T .

Cenovus agreed in August to acquire MEG in a $7.9-billion cash-and-stock deal after MEG’s board rejected Strathcona’s lower $6-billion takeover bid in June.

MEG has set Oct. 9 for a shareholder vote on its proposed deal, which its board has approved but needs support from at least two-thirds of investors to go through. The deal is expected to close early in the fourth quarter of 2025.

Cenovus to buy MEG Energy in nearly $7-billion deal

Opinion: MEG Energy bidding war

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