Canada Approves CNOOC's $15B Nexen Purchase

Law360, New York (December 7, 2012, 9:37 PM EST) -- The Canadian government on Friday approved Chinese state-owned oil company China National Offshore Oil Co. Ltd.'s $15 billion takeover of Canadian oil producer Nexen Inc., but said similar investments by foreign state-owned enterprises in the Canadian oil sands would be approved only in exceptional circumstances in the future.

Canada's Minister of Industry Christian Paradis said the transaction — the biggest energy merger since ExxonMobil Corp.'s $35 billion takeover of XTO Energy Inc. in 2009 — is likely to be of net benefit to Canada, noting that...
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