China''s CNOOC confident of Canadian Nexen bid 

(MENAFN - Kuwait News Agency (KUNA)) The state-run China National Offshore Oil Corporation (CNOOC) remains confident of wrapping up its purchase bid for Calgary-based oil and gas producer Nexen Inc. by the end of this year, reports reaching here from Beijing said on Friday.

"We think it a business as usual for the Canadian government to take a longer period of time to complete the review on our gigantic purchase costing USD 15.1 billion," China's Xinhua News Agency quoted CNOOC Chairman Yilin as saying.

Wang noted that the firm is willing to cooperate with the Canadian government during the extended review. On July 23, CNOOC announced to take over Nexen at USD 27.5 per share. The Canadian government review on the acquisition, which has already been endorsed by Nexen shareholders, will last till Dec. 10.

With its previous acquisition bid for Unocal seven years ago being rejected by US lawmakers citing national security concerns, CNOOC went into spotlight again because of uncertainties of the bidding this time, the report said. If it is approved by the Canadian government, the deal will be China's largest overseas acquisition.

"Both CNOOC and Nexen are public-traded companies with good market performance and good operation records, such an acquisition goes with the globalization trend," Wang said, adding that his company is able to afford the acquisition.