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China buys into Canada: Nexen bought for $15 B – in cash

China National Offshore Oil Corporation, Beiji...

China National Offshore Oil Corporation, Beijing / CN, 2012 (Photo credit: william veerbeek)

CALGARY, Alberta, July 23 (UPI) — The Canadian energy producer Nexen said Monday it was being acquired by CNOOC Limited, China‘s leading offshore oil and natural gas producer, for $15.1 billion.

The Chinese company agreed to pay $27.50 per share, a 61-percent premium over the July 20 closing price for Nexen on the New York Stock Exchange.

The cash transaction is expected to close in the fourth quarter and will add Nexen’s 900 million barrels of proven oil-equivalent reserves to CNOOC’s global assets. Nexen also holds more than 1.1 billion barrels of probable oil-equivalent reserves.

The deal brings one of the leading developers of Canadian oil sands into the CNOOC portfolio. Nexen also has interests in the production of conventional and shale gas in Canada as well as offshore production in Nigeria, the Gulf of Mexico and the North Sea.
»Chinese company buys Canada oil producer

* China buys Canadian Oil company Nexen for 15 Billion CASH! Hostile corporate takeover of canada? OUTRAGEOUS!!

* China buys into Canada


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