CNOOC's $15B Nexen Buy Continues China's Global Oil Spree

Law360, New York (July 23, 2012, 7:18 PM EDT) -- China National Offshore Oil Co. Ltd. said Monday it would buy Canadian oil producer Nexen Inc. for $15.1 billion, China's largest outbound deal ever and the latest in a string of global deals its state-owned oil giants have made to help fuel the country's rapid growth.

The all-cash acquisition — the biggest energy merger since ExxonMobil Corp.'s $35 billion takeover of XTO Energy Inc. in 2009 — boosts CNOOC's presence in the Canadian oil sands, West Africa, the Gulf of Mexico and Britain's North Sea, and...
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