CNOOC, Nexen Reapply For Approval Of $15B Takeover

Law360, New York (November 28, 2012, 5:30 PM EST) -- Chinese state-owned oil company CNOOC Ltd. and Nexen Inc. have resubmitted a request for U.S. regulators to approve a $15 billion deal for CNOOC to acquire Nexen, amid concerns that the deal would include a transfer of Nexen’s royalty-free drilling leases in the Gulf of Mexico, the companies said Tuesday.

CNOOC, the subsidiary of China National Offshore Oil Corp., announced plans in July to buy Calgary, Alberta-based Nexen. Some lawmakers have called for the Obama administration to intervene in the deal to prevent CNOOC from acquiring...
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