Nexen expects CNOOC deal
Source: Agencies |
October 26, 2012, Friday
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Print Edition
Print Edition
CANADIAN oil and gas producer Nexen yesterday said it continues to expect the US$15.1 billion takeover of the company by China's CNOOC to be completed by the end of this year. It would be China's biggest overseas energy acquisition.
The Canadian government is in the process of studying whether the deal represents a "net benefit" to the country. The deal may shed some light on the government's policy toward foreign takeovers.
Nexen noted in its earnings report that July's agreement with CNOOC has been approved by its shareholders and that the closing remains subject to regulatory approvals.
The review process may last until mid-November, after which it may be extended by further 30-day increments with the buyer's consent.
Nexen's third-quarter profit sank 71 percent as maintenance cut output. Net income fell to C$59 million (US$59.5 million), or 11 cents a share, from C$200 million, or 32 cents, a year earlier, the Calgary-based company said. Output averaged 181,000 barrels of oil equivalent a day in the period, down from 213,000 barrels a day in the second quarter.
The Canadian government is in the process of studying whether the deal represents a "net benefit" to the country. The deal may shed some light on the government's policy toward foreign takeovers.
Nexen noted in its earnings report that July's agreement with CNOOC has been approved by its shareholders and that the closing remains subject to regulatory approvals.
The review process may last until mid-November, after which it may be extended by further 30-day increments with the buyer's consent.
Nexen's third-quarter profit sank 71 percent as maintenance cut output. Net income fell to C$59 million (US$59.5 million), or 11 cents a share, from C$200 million, or 32 cents, a year earlier, the Calgary-based company said. Output averaged 181,000 barrels of oil equivalent a day in the period, down from 213,000 barrels a day in the second quarter.
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