The Globe and Mail reports in its Saturday edition that Strathcona Resources' confidence in long-term oil demand and its pessimism over supply are behind the company's plans to launch a $5.93-billion hostile takeover bid for rival MEG Energy. The Globe's Emma Graney writes that Strathcona executive chairman Adam Waterous told analysts on an earnings call Friday morning that the two businesses are extremely complementary, which would make it relatively straightforward to combine operations. "These are doppelgangers, brothers from another mother, twins, identical twins," he said. The cash-and-stock unsolicited offer would combine two of Canada's largest pure-play thermal oil sands operators to make Strathcona Canada's fifth-largest oil producer, at around 219,000 barrels a day. Strathcona is owned by Waterous Energy Fund (WEF), headed by Mr. Waterous. The fund has been on a buying spree of late, underscoring its confidence in Alberta's oil market. In March, the dealmaker closed the final round of a third private equity fund with $1.4-billion of capital, earmarked for acquisitions in Alberta's oil sands. The plan is to consolidate oil and gas properties in the Athabasca region, just south of Fort McMurray.