Canada’s Nexen expects takeover by China's CNOOC to close in Q4

25 October 2012 16:13  [Source: ICIS news]

TORONTO (ICIS)--Nexen expects that its $15.1bn (€11.6bn) takeover by China’s state-controlled China National Offshore Oil Corp (CNOOC) will close in the current fourth quarter, the Calgary-based oil and gas firm said on Thursday.

Nexen’s comments came even though Canada’s government has said it is not satisfied with a smaller foreign takeover in the industry – the proposed acquisition of Progress Energy by Malaysia’s state energy and petrochemicals major PETRONAS in a deal valued at more than $5bn.

CNOOC’s bid for Nexen has come under increasing criticism from Canadian opposition politicians who are calling on the government of Prime Minister Stephen Harper to hold public hearings before making a final decision. The government is expected to issue its ruling after the US presidential election in November.

Meanwhile, Nexen reported a 71% year-on-year decline in its third-quarter net income because of scheduled maintenance shutdowns and several non-recurring charges, it said.

($1 = €0.77)

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index