Cnooc-Nexen decision deadline could be extended

12/5/2012

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

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