Ontario Teachers' Triples Stake in Nexen
Ontario Teachers’ Pension Plan, Canada’s third-largest retirement fund, tripled its holdings of Nexen (NXY) Inc., the Calgary-based energy producer that’s the target of a takeover by Cnooc Ltd. (883) of China.
Ontario Teachers’ increased its holdings to 6.82 million Nexen shares from 1.72 million, raising its stake by about $143.7 million in the third quarter, according to a filing with U.S. regulators.
“You would be holding Nexen right now on the belief that the deal is going through,” said Sam La Bell, an energy analyst at Veritas Investment Research Corp. in Toronto, who rates the stock a “buy.”
Nexen is awaiting Canadian government approval of a takeover by Cnooc, China’s biggest offshore oil and natural gas producer. The state-owned company is confident its proposed $15.1 billion takeover of Nexen will be completed by the end of the year, Chairman Wang Yilin said last week.
Deborah Allan, the retirement fund’s Toronto-based director of communications and media relations, didn’t immediately return an e-mail seeking comment today.
The retirement fund had C$117 billion ($117 billion) of assets at the end of last year.
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