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CNOOC-Nexen deal expects to close on Feb 25

Updated: 2013-02-18 11:05
( China Daily)

CNOOC-Nexen deal expects to close on Feb 25

United States regulators on Feb 12 approved the $15.1 billion takeover of Canadian oil and gas company Nexen Inc by China National Offshore Oil Corp, removing the final obstacle to the Asian country's largest-ever foreign takeover. The deal to buy Nexen, based in Calgary, Alberta, had already passed regulatory muster in Canada and Europe. But approval from the Committee on Foreign Investment in the United States was also needed because Nexen has US interests. Nexen said on Feb 12 that the US committee had given the green light and that it expects the deal to close in the week of Feb 25, seven months after China's top offshore oil and gas producer made its bid of $27.50 a share.

Hero: The political breakthrough behind the deal is worth celebrating.

Yuncilang: Shale gas is the future. CNOOC has acquired a backward asset. An oil leak accident could lead to a huge fine from the US government.

Zhuimengkaike: Finally CNOOC has realized its goal.

It is much easier to get US approval than previously thought.

Taishen: The message is the price of oil will drop.

The information is from Sina Weibo

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