25 October 2012 16:13 [Source: ICIS news]
TORONTO (ICIS)--Nexen expects that its $15.1bn (€11.6bn) takeover by ?xml:namespace>
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)
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