(Reuters) -Cenovus Energy on Wednesday sweetened its offer to acquire MEG Energy, raising the value of its proposed deal to C$8.6 billion ($6.16 billion), including debt, in an attempt to match a rival bid from Strathcona Resources.

Cenovus raised its bid by C$2.35 to about C$29.80 per share, and said this was its “best and final” offer. In comparison, Strathcona’s revised offer last month valued MEG at C$30.86 per share.

The battle for MEG, Canada’s last large pure-play oil sands company, highlights a years-long trend of domestic consolidation in the country’s oil sands. The play is now mostly controlled by a handful of large Canadian companies after foreign players largely exited over the last decade.

MEG’s Christina Lake oil sands project has become a prized asset, with its long rese

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