Nexen shareholders approve $15 billion CNOOC deal

9/20/2012

Nexen shareholders approve $15 billion CNOOC deal

CALGARY -- Shareholders in Canadian oil giant Nexen have overwhelmingly given their backing to the proposed $15.1 billion takeover of the company by China’s CNOOC.

Nexen shareholders approved the $27.50-a-share takeover in a vote. The deal still needs approval from the U.S., U.K. and Canadian governments. Canada reviews foreign acquisitions valued at more than C$330 million ($338 million) to ensure there’s “net benefit” to the country.

State-controlled Cnooc is China's largest offshore-oil company by production. By acquiring Nexen, it would gain ownership of oil and gas reserves in western Canada, the U.K. North Sea, the U.S. Gulf of Mexico and offshore Nigeria.

 

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