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Cnooc-Nexen decision deadline could be extended

BY PAUL VIEIRA

OTTAWA -- Canada' s industry minister, said that the review of Cnooc' s CEO proposed $15.1 billion takeover of Nexen "could" be extended beyond the December 10 deadline.

When it is time to make the decision, we will do it, but I cannot speculate, said Christian Paradis, following a speech he delivered at an Ottawa aerospace conference.

Cnooc made its bid for Calgary, Alberta' s Nexen in July, but under Canadian law Mr. Paradis and government officials must review the transaction to ensure it offers a so called "net benefit" to the domestic economy.

A decision on Cnooc' s bid was originally anticipated in early November, but was extended to December 10 on agreement from Cnooc. A further extension beyond December 10 would also require Cnooc approval.

Dow Jones Newswires

12/05/2012

 

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