Related News
CNOOC's success may fuel more deals
By Richard Fu |
December 11, 2012, Tuesday
|
Print Edition
Print Edition
CHINA'S CNOOC Ltd's successful acquisition of Nexen Inc may spur more foreign takeovers in North America's energy sector although Canada signalled it would tighten investment rules.
Canada approved CNOOC's US$15.1 billion bid for Nexen, China's largest ever foreign takeover, and also Malaysian state firm Petronas' purchase of Progress Energy Resources Corp over the weekend.
But Prime Minister Stephen Harper called the approvals "the end of a trend" as he signalled Canada would not allow a foreign government to control the nation's oil sands.
Still analysts are certain Canada will not completely close the door to beneficial foreign investments.
"We believe the government officials' statements were made to appease the many politicians who had voiced concerns recently about the CNOOC and Petronas deals," said Mirae Asset analyst Gordon Kwan.
He said the successful deals may see more foreign takeover proposals for North American assets.
The CNOOC/Nexen deal will still need approval from US regulators as 8 percent of Nexen's output comes from the US, but analysts are confident the US will not block the deal.
Canada approved CNOOC's US$15.1 billion bid for Nexen, China's largest ever foreign takeover, and also Malaysian state firm Petronas' purchase of Progress Energy Resources Corp over the weekend.
But Prime Minister Stephen Harper called the approvals "the end of a trend" as he signalled Canada would not allow a foreign government to control the nation's oil sands.
Still analysts are certain Canada will not completely close the door to beneficial foreign investments.
"We believe the government officials' statements were made to appease the many politicians who had voiced concerns recently about the CNOOC and Petronas deals," said Mirae Asset analyst Gordon Kwan.
He said the successful deals may see more foreign takeover proposals for North American assets.
The CNOOC/Nexen deal will still need approval from US regulators as 8 percent of Nexen's output comes from the US, but analysts are confident the US will not block the deal.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
