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Ottawa approves Nexen, Progress takeover deals

Stockhouse Editorial
0 Comments| December 7, 2012


According to published reports, the federal government has approved two controversial takeovers of Canadian oil companies.

Firstly, China National Offshore Oil Co.'s (CNOOC)(NYSE: CEO, Stock Forum) US$15.1-billion bid for Calgary's Nexen Inc. (TSX: T.NXY, Stock Forum) (NYSE: NXY, Stock Forum) and secondly, the $6-billion acquisition by Malaysia’sstate-owned Petronas of Progress Energy Resources Corp. (TSX: T.PRQ, Stock Forum)

The approval of CNOOC’s acquisition of Calgary-based Nexen represents the largest-ever foreign takeover by a Chinese state-owned company.

Furthermore, Ottawa has also accepted a bid by Petronas to acquire Progress, a Calgary producer with significant natural gas holdings in shale gas fields of northeastern British Columbia.

Currently, Petronas is proposing to build an $11-billion plant in Prince Rupert, B.C., to liquefy gas and export to Asia.


Tags: OIL & GAS E&P CANADA ACQUISITION NEXEN

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