CNOOC completes acquisition of Canada’s Nexen

26 February 2013 02:38  [Source: ICIS news]

SINGAPORE (ICIS)--China National Offshore Oil Corp (CNOOC) announced on Tuesday that it has completed the $15.1bn (€11.5bn) acquisition of Canada’s energy firm Nexen on 25 February, Canadian time.

Nexen will operate as a wholly-owned subsidiary of CNOOC and continue to be led by CEO Kevin Reinhart. CNOOC CEO Li Fanrong will be chairman of the new board of Nexen, according to a CNOOC statement.

CNOOC made the acquisition offer of Nexen in July 2012 and obtained all required approvals by 12 February.

($1 = €0.76)

By: Fanny Zhang
+65 6780 4359

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