The Globe and Mail reports in its Saturday edition that an investment fund led by Strathcona Resources' executive chairman will control more than half the shares of the oil company that would result from Strathcona's $5.9-billion takeover of MEG Energy. The Globe's Jeffrey Jones writes that if Strathcona's hostile bid for the rival oil sands producer is successful, Adam Waterous's Waterous Energy Fund will acquire $662-million of stock in the combined company to put its stake at 51 per cent, according to documents. WEF currently owns 79.6 per cent of Strathcona shares. Strathcona announced its unsolicited cash-and-stock offer for MEG on May 15, saying the two oil-sands-producing entities are highly complementary in geography, operations, reserve-life indexes and profit margins. Mr. Waterous said MEG shareholders would benefit in three ways: through a 9-per-cent premium over the value of their shares, higher earnings and cash flow per share, and an improvement in credit rating to investment-grade status, which will reduce the cost of capital. "This is the financial Abominable Snowman -- often talked about but never seen," he told The Globe. The combination would be the biggest oil-patch equity deal in more than a decade.