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An oil well is seen in this file photo.
An oil well is seen in this file photo.
(Denny Thurston/Getty Images/iStockphoto)

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CPPIB backs dissidents in Pace Oil merger

Investors fighting to keep Pace Oil & Gas Ltd. independent have a powerful new ally in their fight, with the Canada Pension Plan Investment Board weighing in on their side.

Nova Bancorp., a pace shareholder, is pushing to stop a planned combination involving Pace, Avenex Energy Corp. and Charger Energy Corp. Nova believes that the sale process for Pace was too limited and did not drum up a bid that fairly valued the company. Nova has a public campaign going, has set up a web site and has approval from securities regulators to rally support under proxy solicitation rules.