Nexen Inc (NXY.TO) said on Tuesday it will sell its 65 percent stake in the Canexus Income Fund (CUS_u.TO), raising C$477.1 million ($482 million) and ending its association with its former industrial chemicals unit. Nexen, Canada's No. 6 independent oil and gas producer, said it will sell its 74.5 million Canexus units for C$6.40 each to a syndicate of underwriters led by Scotia Capital and CIBC World Markets. Canexus, which makes bleaching agents for the pulp industry, and other industrial chemicals, was spun off into an income fund by Nexen in 2005 as the company looked to cut its debt. The oil producer has long said it would consider selling the stake.
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