Canada reviews CNOOC bid
Source: Bloomberg News |
August 30, 2012, Thursday
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Print Edition
Print Edition
CNOOC Ltd has made a formal application for government approval of its US$15.1 billion bid to buy Nexen Inc, Industry Minister Christian Paradis said.
"I can now confirm that CNOOC has filed an application for review of its proposed acquisition of Nexen under the Investment Canada Act, and I am conducting a review of the proposed investment," Paradis said in a statement e-mailed by a spokeswoman yesterday.
Under the act, the government reviews foreign takeovers with asset values above C$330 million (US$334 million) to ensure they represent a "net benefit" to the nation.
The government has 45 days to review foreign takeovers once an application has been filed, and can extend the deadline by 30 days if it notifies CNOOC before the initial 45-day period expires. Canadian officials can further extend the review if both Cnooc and Paradis agree.
Canadian Prime Minister Stephen Harper's Conservative government rejected Melbourne-based BHP Billiton Ltd's US$40 billion hostile takeover bid for Potash Corp of Saskatchewan Inc in 2010.
"I can now confirm that CNOOC has filed an application for review of its proposed acquisition of Nexen under the Investment Canada Act, and I am conducting a review of the proposed investment," Paradis said in a statement e-mailed by a spokeswoman yesterday.
Under the act, the government reviews foreign takeovers with asset values above C$330 million (US$334 million) to ensure they represent a "net benefit" to the nation.
The government has 45 days to review foreign takeovers once an application has been filed, and can extend the deadline by 30 days if it notifies CNOOC before the initial 45-day period expires. Canadian officials can further extend the review if both Cnooc and Paradis agree.
Canadian Prime Minister Stephen Harper's Conservative government rejected Melbourne-based BHP Billiton Ltd's US$40 billion hostile takeover bid for Potash Corp of Saskatchewan Inc in 2010.
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