Nexen (NXY) Sinks After Bid Talk Killed

After rising 7% yesterday, on reports from FT.com that Total's board was meeting to approve a takeover bid, shares of Nexen (NYSE: NXY) are down 17% today on reports from the Times of London that Total has decided against bidding for the company.

Shares of Nexen have seen wild gyrations over the past few months on takeover speculation.

Yesterday, Nexen was forced to comment on the recent trading activity in its stock, saying, "We are not aware of any corporate developments to account for this activity. Our policy is not to comment on rumours or speculation and accordingly, we do not intend to comment further."

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