Strathcona Resources Ltd. says it plans to expand its minority stake in MEG Energy Corp. after its bid for a hostile takeover of the company was spurned in favour of a friendly cash-and-stock purchase offer from Cenovus Energy Inc.

Strathcona says it plans to purchase an additional five per cent of MEG's outstanding common shares, which would build upon its current 9.2 per cent stake.

It also says it plans to vote against an upcoming resolution to approve Cenovus' $7.9-billion deal to acquire MEG, scheduled to be held at a special meeting of MEG shareholders on Oct. 9.

The deal must be approved by a two-thirds majority of MEG shareholders.

Cenovus had been floated by industry watchers as the most likely company to launch a competing bid against Strathcona because it and MEG have side-b

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