Cenovus Energy has raised its offer to buy MEG Energy to $8.6 billion, intensifying a fierce takeover battle in Canada’s oil sands industry. The new bid offers $29.80 per MEG share—a mix of 50% cash and 50% Cenovus stock—and comes as the company seeks to outbid rival Strathcona Resources, which made a competing all-share offer earlier this year. Following the announcement, MEG’s shares jumped 6.4% to $30.05, while Cenovus rose 1.8% on the Toronto Stock Exchange. MEG’s board has recommended shareholders approve the deal, calling it the “best and final offer” and the highest price ever paid for oil sands assets. Strathcona, which already owns 14% of MEG, has yet to respond but may counter with a higher bid. Analysts say the merger could reshape Alberta’s energy landscape, as Cenovus and MEG’s neighbouring oil sands operations promise over $400 million in annual savings by 2028. The shareholder vote on the takeover has been rescheduled for October 22, keeping the race for control of MEG Energy wide open.