The Canadian government approves CNOOC's acquisition of Nexen
The Canadian government approves CNOOC's acquisition of Nexen Xinhuanet, Ottawa, December 7 (Reporter Shi Li and Zhang Dacheng) The Canadian government announced on the 7th that it has decided to approve China...
The Canadian government also decided to approve Petronas' acquisition of Canadian Progress Energy for US$5.2 billion.
On July 23, 2012, CNOOC announced that it was preparing to acquire 100% of Nexen's circulating common shares and preferred shares for a total cash consideration of US$15.1 billion. The acquisition price per common stock was US$27.5, a 61% premium to the closing price on July 20, and the consideration for the preferred shares was Canadian dollars 26.0 per share, and it would also bear US$4.3 billion of Nexen's debt.
Nexen Corporation is headquartered in Calgary, Alberta, Canada. It is a large oil and natural gas company with operations spread around the world including Europe, Colombia, and the Gulf of Mexico.
Author: Shi Li Zhang Dacheng
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