Energy mogul Murray Edwards has taken a 9.5 per cent stake in chemical maker Canexus Corp. (CUS.TO) as the company assesses a hostile takeover bid from Toronto-based Chemtrade Logistics Income Fund (CHE_u.TO).

Mr. Edwards announced on Friday that he had boosted his position in the company to 8.9 per cent earlier this week, on the same day Chemtrade launched its unsolicited approach.

Since then, he has increased his holdings and is now Canexus’ largest shareholder with a position valued at about $27 million. Invesco Advisers, Inc. is the next largest shareholder with a 7.5 per cent position.

Chemtrade is offering $1.50 per share for Canexus or about $280.5 million. The target company’s board has advised shareholders to take no action while it reviews the offer. Canexus shares closed at $1.53 Thursday.

Mr. Edwards is the billionaire behind oil sands giant Canadian Natural Resources Ltd. and the NHL’s Calgary Flames. His other holdings include Magellan Aerospace Corp., Imperial Metals Corp. and Resorts of the Canadian Rockies, which owns several ski resorts. He is also chairman of Ensign Energy Services Inc.

Last spring, he relocated from Calgary to London, England, a move that some tied to an increasing provincial and federal tax burden. However, Mr. Edwards downplayed that motive and said he was keen for a change of scenery.

Chemtrade said its offer is open until Jan. 18 next year. Its hostile bid comes after a previous takeover deal for Canexus by Superior Plus Corp. fell apart earlier this year.