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Cnooc completes Nexen acquisition

BY CHIP CUMMINS
 
TORONTO -- Nexen said that Cnooc has completed its aquisition of the Canadian oil-sands producers.

The $15.1 billion deal recently won government and regulatory approval from Canada, the United Kingdom and the United States. In a statement, Nexen said Kevin Reinhart would continue as the company' s CEO, while Cnooc CEO Li Fanrong will assume the chairmanship of Nexen' s board.

As part of its bid, Cnooc promised to keep Nexen' s headquarters in Calgary and transform those offices into the headquarters for Cnooc' s North and Central American operations. Nexen confirmed those moves.

Dow Jones Newswires

02/25/2013

 

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