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Canada- Nexen delays closing date of USD15.1b takeover deal by CNOOC  Join our daily free Newsletter

MENAFN - 28/01/2013

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(MENAFN) Canada's Nexen Inc., which will be acquired by China's CNOOC, announced that it will delay the closing date of the takeover to March 2 from January 1, in order to have more time to gain all needed regulatory approvals, reported AP.

Regulators in Canada, the UK, the EU and China okayed the USD15.1 billion sale, however, the two companies still need to receive the approval of US regulators.

Furthermore, there are other closing conditions that must be completed.

The Calgary, Alberta-based energy producer noted that both its board and shareholders approved the sale, which would increase the Chinese firm's holdings in Canada.

The firm, which in the second quarter produced an average of 213,000 barrels of oil per day, operates in western Canada, the Gulf of Mexico, the North Sea, Africa and the Middle Eas.

It is worth noting that Nexen's biggest reserves are in the Canadian oil sands.

 






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