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CNOOC resubmits Nexen takeover bid
Source: Xinhua |
November 30, 2012, Friday
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Print Edition
Print Edition
CHINA National Offshore Oil Corp has resubmitted its proposed takeover of Nexen to US regulators as part of the deal's approval process, the oil producer said yesterday.
It took this step after Canadian energy company Nexen Inc said on Tuesday that a joint voluntary notice with CNOOC had been withdrawn and a new application was submitted to the Committee on Foreign Investment in the United States.
The statement by Nexen said the withdrawal was made after talks with the committee.
Nexen has assets in the US, therefore the deal needs to get approval from US regulators, said a CNOOC official, who did not want to be identified.
The official declined to make further comment on the resubmission.
The Chinese oil giant said in July that it would acquire Nexen at US$27.50 per share. A review by the Canadian government has been extended to December 10.
The US$15 billion deal has already been endorsed by Nexen shareholders.
It took this step after Canadian energy company Nexen Inc said on Tuesday that a joint voluntary notice with CNOOC had been withdrawn and a new application was submitted to the Committee on Foreign Investment in the United States.
The statement by Nexen said the withdrawal was made after talks with the committee.
Nexen has assets in the US, therefore the deal needs to get approval from US regulators, said a CNOOC official, who did not want to be identified.
The official declined to make further comment on the resubmission.
The Chinese oil giant said in July that it would acquire Nexen at US$27.50 per share. A review by the Canadian government has been extended to December 10.
The US$15 billion deal has already been endorsed by Nexen shareholders.
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