Law360, New York (July 20, 2011, 12:59 PM ET) -- Bankrupt Canadian oil sands developer Opti Canada Inc. announced Wednesday that it would sell itself to a subsidiary of China National Offshore Oil Corp. in a deal worth about $2.1 billion.
Calgary, Alberta-based Opti agreed to sell all its outstanding shares and second-lien notes to CNOOC Luxembourg SA. The buyer's state-owned parent company is the biggest producer of offshore crude oil and natural gas in China.
"The transaction strengthens our Canadian presence in the oil sands business," said Yang Hua, CEO of CNOOC. "We believe that...
Gowling Lafleur Reps CNOOC In $2B Opti Buy
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