US clears CNOOC’s $15.1bn takeover of Canada’s Nexen

12 February 2013 20:17  [Source: ICIS news]

TORONTO (ICIS)--A US regulatory agency has cleared the $15.1bn (€11.3bn) takeover of Canada’s energy and oil sands major Nexen by state-controlled China National Offshore Oil Corp (CNOOC), officials said on Tuesday.

With the clearance from the Committee on Foreign Investment in the United States, CNOOC now has all required approvals to close the deal by 25 February, Calgary-based Nexen said in a statement.

Last month, CNOOC and Nexen had extended the deadline for closing the deal because the US had not yet approved it.

Some US politicians had voiced objections to the deal, given Nexen’s US operations in the Gulf of Mexico. In 2005, CNOOC failed in a bid to acquire US-based oil firm Unocal. At the time, CNOOC blamed political opposition in the US.

Canada approved the acquisition of Nexen in December, but prime minister Stephen Harper said that Canada would be cautious in approving future large deals in the Canadian oil sands industry by state-controlled foreign firms.

($1 = €0.75)

By: Stefan Baumgarten
+1 713 525 2653

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