Bid decision out in December
Source: Bloomberg News |
November 6, 2012, Tuesday
|
Print Edition
Print Edition
CANADA will decide on Cnooc Ltd's bid for Nexen Inc by December 10 and won't extend its review a third time, its envoy to China said yesterday.
The government has taken a long time to review the acquisition because its size is "unprecedented" for Canada, said Ambassador Guy Saint-Jacques at a Canada-China energy conference in Beijing.
Canada extended its review of Beijing-based Cnooc's US$15.1 billion takeover of Nexen for a second time last Friday, citing the need for a thorough review.
Extending the review is "also fair" to Cnooc, as the company will be "assured that it receives full consideration," the ambassador said. The Canadian government's decision will mean that "Chinese companies will know better what kind of conditions they have to meet" before proposing a takeover in Canada, he said.
Canada needs China's investment to develop its oil and gas resources, and also needs China's markets to sell those products, Saint-Jacques said.
The government has taken a long time to review the acquisition because its size is "unprecedented" for Canada, said Ambassador Guy Saint-Jacques at a Canada-China energy conference in Beijing.
Canada extended its review of Beijing-based Cnooc's US$15.1 billion takeover of Nexen for a second time last Friday, citing the need for a thorough review.
Extending the review is "also fair" to Cnooc, as the company will be "assured that it receives full consideration," the ambassador said. The Canadian government's decision will mean that "Chinese companies will know better what kind of conditions they have to meet" before proposing a takeover in Canada, he said.
Canada needs China's investment to develop its oil and gas resources, and also needs China's markets to sell those products, Saint-Jacques said.
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