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



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