Over the past two decades, Chinese oil consumption has quadrupled to nearly 10 million barrels per day. For the past decade, they have been on a growth trajectory which has shown signs of slowing, but could nevertheless see them overtake the U.S. as the world’s top oil consumer by the end of the decade. As I have written before, I believe China’s economy will be the single-biggest long-term driver [...]
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 [...]
June 29, 2012
Allied Gold – which has gold and copper production, exploration and development projects in Papua New Guinea and the Solomon Islands – leapt 48½ – 53pc –to 140p after Australian gold producer St Barbara unveiled a £360m takeover bid for the business.
St Barbara, whose core gold mining assets are based in western Australia, is offering 176p a share in a mixture of stock and cash, but Allied’s [...]
American Airlines parent AMR Corp. (AAMRQ) will explore strategic options that include a possible sale under an agreement with the unsecured creditors committee in its bankruptcy case, people familiar with the matter said.
The panel pressed for such an accord so AMR’s review of its options would include studying a merger with US Airways Group Inc. (LCC), which is considering whether to mount a takeover bid, said one of the people, [...]