Canadian authorities approved acquisition of Nexen by China's CNOOC

Discussion in 'China' started by amoy, Dec 10, 2012.

  1. amoy

    amoy Senior Member Senior Member

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    UPDATE 4-Canada approves Nexen and Progress Energy bids | Reuters


     
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  3. satish007

    satish007 Senior Member Senior Member

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    Re: Canadian authorities approved acquisition of Nexen by China's CNOO

    CNOOC, Nexen deal wins US approval - Business News - SINA English

    CNOOC, Nexen deal wins US approval

    US regulators have approved the $15.1 billion takeover of Canadian oil and gas company Nexen Inc by China's State-owned CNOOC Ltd, removing the final obstacle to the country's largest foreign takeover.
     
  4. trackwhack

    trackwhack Tihar Jail Banned

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    Re: Canadian authorities approved acquisition of Nexen by China's CNOO

    Congrats. Buy the west out while you still can.
     
  5. satish007

    satish007 Senior Member Senior Member

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    Re: Canadian authorities approved acquisition of Nexen by China's CNOO

    Not yet, we still waiting for Indian approval...
     
  6. desicanuk

    desicanuk Regular Member

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    Re: Canadian authorities approved acquisition of Nexen by China's CNOO

    NO.Not yet.Its still awaiting US regulatory approval.

    Nexen, CNOOC extend takeover deadline, awaiting U.S. approval


    Canadian Press | Jan 28, 2013 8:40 AM ET
    CALGARY — The closing date of Chinese oil giant CNOOC’s US$15.1-billion takeover of Calgary-based oil and gas producer Nexen has been extended by 30 days to March 2.

    Nexen announced Sunday the two companies agreed to extend the deadline as they were still awaiting U.S. regulatory approval.

    However, it stressed that the closing can only be extended a maximum of 75 business days beyond the original deadline of Jan. 31.

    The federal government approved the takeover in December. China, Britain and the European Union have also given their go ahead for the agreement.

    But U.S. approval is needed to complete the deal because Nexen has operations in the Gulf of Mexico.

    Nexen, meantime, says it will postpone the release of its fourth-quarter and annual results because of the delay.

    © Thomson Reuters 2013
     
  7. desicanuk

    desicanuk Regular Member

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    Re: Canadian authorities approved acquisition of Nexen by China's CNOO

    UPDATE ON CNOOC-NEXEN DEAL

    CNOOC Said To Cede Operating Control Of Nexen’s U.S. Gulf Assets

    Rebecca Penty and Sara Forden, Bloomberg News | 13/03/01

    Cnooc Ltd., China’s largest offshore oil and natural gas producer, was barred from controlling Gulf of Mexico assets under U.S. terms for approving its $15.1 billion purchase of Nexen Inc., people familiar with the matter said.

    Through its takeover of Calgary-based Nexen, Cnooc acquired about 200 deep-water leases in the Gulf with reserves equivalent to about 205 million barrels of oil, one of the largest holdings in the Gulf, according to Nexen’s website. The state-owned Chinese oil explorer surrendered operating control of those assets to quell U.S. national security concerns, said two people familiar with the agreement who asked not to be named because the terms aren’t public.

    Cnooc will still own the assets, according to the people.

    Patti Lewis, a spokeswoman for Nexen, declined to comment on the specifics of the CFIUS approval. Steven MacKinnon, a spokesman for Cnooc based in Ottawa, also declined to comment.

    “We can’t get into the elements of the deal for confidentiality reasons, both with respect to the contract with the government, but also from a business perspective,” Kevin Reinhart, Nexen’s chief executive officer, said in a meeting with reporters in Calgary on Feb. 27. It “took awhile” to find “common ground” with the U.S., Reinhart said.

    The transaction, which closed Feb. 25, spurred the Canadian government to say future acquisitions in the oil sands by state- owned foreign companies would be rejected barring “exceptional circumstances.” Cnooc’s previous attempt to gain control of U.S. oil and gas assets also failed, as the company abandoned its bid for Unocal Corp. in 2005 after facing political opposition in Washington.

    Nexen said on Feb. 12 it had received approval from the Committee on Foreign Investment in the United States for its takeover by Cnooc without specifying any conditions.
     
    asianobserve likes this.
  8. satish007

    satish007 Senior Member Senior Member

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    Re: Canadian authorities approved acquisition of Nexen by China's CNOO

    China still is the boss but can not call the shot.weird US.
    Mexico only 8% of Nexen. no big deal.
     
  9. asianobserve

    asianobserve Elite Member Elite Member

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    Re: Canadian authorities approved acquisition of Nexen by China's CNOO


    So China is not really the boss.
     

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