Canada Approves Chinese State-Owned CNOOC's Takeover of Nexen

Don't let it get away!

Keep track of the stocks that matter to you.

Help yourself with the Fool's FREE and easy new watchlist service today.

The government of Canada has approved the long-gestating takeover of oil and gas firm Nexen (UNKNOWN: NXY.DL  ) by China National Offshore Oil Corporation (CNOOC (NYSE: CEO  ) ). Prime Minister Stephen Harper announced the news in a press conference. The buyout will total CA$15.1 billion ($11.7 billion), and had been approved by Nexen's shareholders in a vote this past September.

During the press conference, Harper also unveiled new guidelines for evaluating potential buyouts of Canadian companies by state-owned enterprises such as CNOOC. In the Chinese firm's bid for Nexen, concerns had been raised about the potential influence of foreign governments over the country's strategic assets.

Nexen was founded in 1969 as Canadian Occidental Petroleum, the country's branch of Occidental Petroleum (NYSE: OXY  ) .  It netted a profit of CA$697 million ($539 million) in 2011, on revenue of CA$6.4 billion ($4.9 billion).

Separately, it was announced during the press conference that the Canadian government also approved a CA$5.2 billion ($4.0 billion) buyout of Progress Energy Resources by a subsidiary of Malaysia's state-owned Petronas.

Read/Post Comments (0) | Recommend This Article (2)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2145227, ~/Articles/ArticleHandler.aspx, 10/28/2016 10:41:11 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,206.73 37.05 0.20%
S&P 500 2,134.55 1.51 0.07%
NASD 5,215.81 -0.17 0.00%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/28/2016 10:24 AM
CEO $129.65 Down -1.14 -0.87%
CNOOC CAPS Rating: ***
NXY.DL $0.00 Down +0.00 +0.00%
Nexen CAPS Rating: No stars
OXY $74.52 Up +0.73 +0.99%
Occidental Petrole… CAPS Rating: ****