Cnooc Files for Canadian Approval of Nexen Deal |
| Wall Street Journal - Aug 29, 2012 |
China's Cnooc Ltd. has filed an application with the Canadian government seeking approval of its $15.1 billion takeover of Calgary-based Nexen Inc., NXY.T +0.16%Canada's Industry Minister Christian Paradis said.
"I am conducting a review of the proposed investment," Mr. Paradis said Wednesday through a spokeswoman.
Canada's foreign-investment laws require a review to ensure that the transaction would provide a "net benefit" to the Canadian economy, through increased employment and investment.
The review is expected to take at least 75 days—an initial 45-day review, followed by a 30-day extension. Cnooc announced its deal, which has the support of Nexen's board, last month.
State-owned Cnooc pledged to make Calgary, Alberta, the headquarters for its North and Central America operations and to list its shares on the Toronto Stock Exchange. Cnooc also promised to keep Nexen employees.
Read Full Article from Wall Street Journal
- Posted: 2012-08-29 15:25:25
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