Cnooc chairman confident Nexen deal will be completed by year end
BY YVONNE LEE
HONG KONG -- Cnooc ,said it is confident its proposed $15.1 billion buyout of Canada' s Nexen will be completed by the end of the year.
The company is in talks with the Canadian government and hopes to win its support, Chairman Wang Yilin said after a shareholders' meeting. It is uncertain if Ottawa will approve the acquisition of Nexen, one of Canada' s largest independent energy producers.Canada vets big foreign deals for a net benefit to its economy. Prime Minister Stephen Harper has said the Cnooc deal requires special scrutiny owing to its size and Cnooc' s owned status. A ruling is expected next month.
Dow Jones Newswires