Canadian Natural to acquire CPPIB-backed Laricina Energy
Laricina Energy Ltd, a Calgary-based development-stage oil sands company, has entered into a pre-acquisition agreement with Canadian Natural Resources Ltd. Canadian Natural, a Calgary-based senior oil and natural gas producer, agreed to buy Laricina's issued and outstanding common shares for $0.0815 per unit. It also agreed to assume up to $48 million of the company's debt. Canada Pension Plan Investment Board and CPPIB Credit Investments agreed to tender their shares to the offer. CPPIB, which has backed Laricina since 2010, and its credit affiliate hold an 88.6 percent interest in the company. The deal is the result of a strategic review launched by Laricina in February.
27 July 2018•6 mins read
