CNOOC, Nexen extend deal deadline
By Richard Fu |
January 29, 2013, Tuesday
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Print Edition
Print Edition
NEXEN Inc, the US$15.1 billion takeover target of CNOOC Ltd, yesterday said the two companies have agreed to extend the deadline for the deal to close by 30 days, pending regulatory approval in the US.
The new deadline was extended from Thursday to March 2, Canada's Nexen said in a statement.
The proposed deal, which will be the largest overseas acquisition by a Chinese company on completion, has been approved by Chinese and Canadian regulators. It also needs US approval because Nexen has assets in the Gulf of Mexico, but analysts have said the US is not likely to block the deal because only 8 percent of Nexen's output comes from the US now.
Even if the US were to block the transaction, the deal could still close if CNOOC and Nexen promise to divest the deepwater projects in the Gulf of Mexico, according to the analysts.
Nexen will delay the release of its fourth-quarter earnings because of the extension.
The new deadline was extended from Thursday to March 2, Canada's Nexen said in a statement.
The proposed deal, which will be the largest overseas acquisition by a Chinese company on completion, has been approved by Chinese and Canadian regulators. It also needs US approval because Nexen has assets in the Gulf of Mexico, but analysts have said the US is not likely to block the deal because only 8 percent of Nexen's output comes from the US now.
Even if the US were to block the transaction, the deal could still close if CNOOC and Nexen promise to divest the deepwater projects in the Gulf of Mexico, according to the analysts.
Nexen will delay the release of its fourth-quarter earnings because of the extension.
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