CNOOC raised Nexen takeover offer twice

It took China National Offshore Oil Co. a couple of tries before oil and gas giant Nexen Inc. warmed to its takeover offer, according to an information circular sent to shareholders.

The Calgary-based company first heard rumblings in February and March that a Chinese state-owned firm may be planning to acquire it.

On May 17, Nexen chairman Barry Jackson and interim CEO Kevin Reinhart met with CNOOC executives in Vancouver, where CNOOC vice chairman Yang Hua confirmed his company was interested in a friendly deal and asked Nexen to enter into exclusive negotiations.

Read Full Article from National Post

- Posted: 2012-08-24 22:56:56

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