OTTAWA – Prime Minister Stephen Harper huddled with his top cabinet ministers for more than four hours on Parliament Hill Wednesday to talk about a state-owned Chinese company’s proposed takeover of an Alberta oilpatch giant.
China National Offshore Oil Corp.’s $15.1-billion offer for Nexen Inc. of Calgary will require federal government approval.
Normally, bureaucrats at Industry Canada would size up the deal and make a formal recommendation to cabinet before Harper and [...]
CNOOC Ltd. (NYSE: CEO) just made some serious waves in the energy market with its $15.1 billion bid for Canada’s Nexen Inc. (NYSE: NXY). But that takeover – the largest overseas acquisition ever made by a Chinese company – is just the beginning.
Expect plenty more takeovers and partnerships in the months ahead, especially after Beijing’s mandate that state-owned energy companies stock up on foreign technology and expertise.
You see, China [...]
Cnooc Ltd. (883) agreed to pay $15.1billion in cash to acquire Canada’s Nexen Inc. (NXY) in the biggest overseas acquisition by a Chinese company.
China’s largest offshore oil and gas explorer is paying $27.50 for each common share, a premium of 61 percent to Calgary-based Nexen’s closing price on July 20, according to its statement to the Hong Kong stock exchange today. Nexen’s board recommended the deal to its shareholders.
NEW YORK (MarketWatch) — Nexen Inc., NXY -1.27% CA:NXY -0.86% the Calgary energy producer, definitively agreed to be acquired by Cnooc Ltd. CEO -1.82% for US$27.50 a share, or about US$15.1 billion. Cnooc is the Chinese oil producer. Nexen shares closed Friday at $17.06, so the deal premium is 61%. In a Monday statement, the companies said that both boards approved the terms. The [...]