Canada Approves CNOOC-Nexen (NXY) Deal

December 7, 2012 5:19 PM EST
Canada approved China-based CNOOC's (NYSE: CEO) takeover of Calgary-based Nexen, Inc. (NYSE: NXY). Under the terms of the deal, originally announced in July, CNOOC will acquire Nexen for US$27.50 per share in cash.

Total cash consideration of approximately US$15.1 billion will be paid for Nexen's common and preferred shares, and Nexen's current debt of approximately US$4.3 billion will remain outstanding.

The deal will expands CNOOC Limited's overseas businesses and resource base in order to deliver long-term, sustainable growth.

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