Cnooc completes Nexen acquisition

2/25/2013

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

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