Strathcona Ends Bid to Buy MEG Energy, Clearing Way for Cenovus

Canada’s Strathcona Resources Ltd. is dropping its push to buy MEG Energy Corp. after Cenovus Energy Inc. increased its own bid for the Alberta oil producer.

Strathcona, controlled by former investment banker Adam Waterous, said in a statement Friday that its offer for MEG is “no longer capable of being satisfied” after Cenovus raised its offer by about 5% Wednesday. The increased offer would value MEG at about C$7.6 billion ($5.4 billion).