CNOOC Seals $15.1B Nexen Buyout

Law360, New York (February 26, 2013, 1:49 PM EST) -- After several months of passing regulatory hurdles, CNOOC Ltd. has closed its $15.1 billion takeover of Canadian oil producer Nexen Inc. in the largest energy merger in more than three years, it announced Tuesday.

With the cash deal sealed, Nexen is delisting itself from the Toronto Stock Exchange and New York Stock Exchange. Per a July agreement between the companies, China's state-owned company will pay CA$27.50 ($26.81) straight for each common Nexen share and CA$26.00 plus unpaid dividend for preferred shares.

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