Nexen (NXY) Hit After Canada Rejects PETRONAS/Progress Energy Deal
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Nexen Inc. (NYSE: NXY) is under heavy pressure early Monday on concerns its takeover by China's CNOOC (NYSE: CEO) is in jeopardy after the Canadian government rejected PETRONAS bid for Calgary-based Progress Energy.
Shares of Nexen last traded at $24, down 5.5 percent.
In July, CNOOC Limited announced plans acquire all of the outstanding common shares of Nexen for US$27.50 per share in cash.
Shares of Nexen last traded at $24, down 5.5 percent.
In July, CNOOC Limited announced plans acquire all of the outstanding common shares of Nexen for US$27.50 per share in cash.
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