Nexen extends Cnooc deal deadline

1/28/2013

Nexen extends Cnooc deal deadline

CALGARY -- Nexen the Canadian oil-sands operator that Cnooc has agreed to buy, said the two extended the deadline for the closing of that $15.1 billion proposed deal by 30 days, as they await United States government approval.

Canada's government approved the deal in December, but the Committee on Foreign Investment in the United States, an interagency body that weighs key foreign investment, has yet to approve it. Washington has a say because Nexen also owns significant assets in the United States, Gulf of Mexico. Authorities in the United Kingdom, the European Union and China have already approved the deal, Nexen said in a statement late .

When the Cnooc-Nexen deal was first announced last year, the two agreed on a deadline of January 31,2013 to get the deal done. In its statements, Nexen said it and Cnooc had agreed to extend that until March 2, 2013. Nexen also said it would delay the release of its 2012 fourth quarter earnings and its annual financial report.

In late November, Cnooc and Nexen resubmitted its proposed deal for approval to CFIUS, a move the companies described at the time as done in "mutual agreement" with the agency.

Dow Jones Newswires

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