CPPIB buys Laricina stake, extends oil sands foray
2010-07-06
By Pav Jordan
TORONTO, July 6 (Reuters) - Canada Pension Plan Investment Board extended its foray into Canada's oil and gas sector on Tuesday, buying a 17.1 percent stake in closely held Calgary oil sands company Laricina Energy Ltd.
The CPPIB, which invests surplus cash from the national Canada Pension Plan, has some C$127 billion ($121 billion) in assets under management. The board paid C$250 million, or C$30 each, to acquire more than 8.3 million common shares of Laricina in a private placement.