Chinese groups await Cnooc-Nexen verdict |
| Financial Times - Dec 7, 2012 |
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. Chinese resources companies are awaiting the outcome of a Canadian regulatory decision on an $18bn deal that could determine whether Chinese energy groups will pursue Canada’s energy resources or steer clear.
Canadian regulators are expected to issue a verdict by Monday on the proposed acquisition of Toronto-listed Nexen, a global oil and gas company, by China’s Cnooc, a state-owned oil group.
In the run-up to Ottawa’s decision, Chinese regulators finally gave their approval to the merger of Viterra, a Canadian grain trader, with Glencore.
The two companies said that they had received the approval from China’s Ministry of Commerce (Mofcom) on Friday, after a delay that has pushed back completion of the deal by several months. It is now expected to close on December 17. Glencore’s acquisition of Xstrata is also awaiting approval from Mofcom.
The Cnooc-Nexen agreement is seen in China as a litmus test for whether Canada is open to Chinese investment, particularly from state-owned companies and those in the resources sector.
Read Full Article from Financial Times
- Posted: 2012-12-07 12:19:06
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
