Aug 28 (Reuters) - Canadian oil and gas producer

Strathcona Resources ( STHRF ) said on Thursday it intends to buy

an additional 5% stake in rival MEG Energy ( MEGEF ) and vote

against the acquisition of MEG by another rival, Cenovus Energy ( CVE )

.

Cenovus agreed in August to acquire MEG in a C$7.9 billion

($5.72 billion) cash-and-stock deal after MEG's board rejected

Strathcona's lower C$6 billion takeover bid in June.

MEG has set October 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.

The deal would create one of the largest oil sands companies

in Canada, combining MEG's Christina Lake oil sands operations

in northern Alberta with Cenovus' neighboring assets, for

combined oil sands production of over 720,000 barrels per day.

Strathcona, which currently holds about 9.2% of MEG, said it

will increase its ownership to about 14.2%, strengthening its

position as a significant minority shareholder in the company.

Strathcona's executive chair, Adam Waterous, has told

Reuters that the company will continue engaging with MEG

shareholders before the September 15 tender deadline for its

offer.

MEG and Cenovus did not immediately respond to Reuters'

requests for comment outside regular business hours.

($1 = 1.3817 Canadian dollars)

(Reporting by Disha Mishra in Bengaluru; Additional reporting

by Mrinmay Dey; Editing by Harikrishnan Nair and Mrigank

Dhaniwala)