Newspaper article The Canadian Press

Murray Edwards Boosts Canexus Stake to 9.5% as It Works through Hostile Takeover

Newspaper article The Canadian Press

Murray Edwards Boosts Canexus Stake to 9.5% as It Works through Hostile Takeover

Article excerpt

Murray Edwards boosts Canexus stake to 9.5%

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CALGARY - Billionaire energy executive Murray Edwards has boosted his stake in Canexus Corp. to 9.5 per cent as it works through a hostile takeover by Chemtrade Logistics Income Fund.

The Canadian Natural Resources chairman said Friday he has snapped up 1.2-million shares since Toronto-based Chemtrade made its revised bid on Oct. 4, bringing his total holdings to 17.7-million shares.

Chemtrade said on Oct. 3 that it was going ahead with a hostile bid for Calgary-based Canexus after the maker of sodium chlorate -- a chemical used by the pulp and paper industry -- refused to constructively engage with Chemtrade about a friendly takeover for weeks.

The hostile offer of $1.50 in cash per share, up from the $1.45 a share Chemtrade had proposed on Sept. …

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