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Jul 27, 2012

Analysis: Phantom fears surround China’s Nexen deal

CALGARY/TORONTO, Alberta (Reuters) – At first blush, CNOOC Ltd’s (0883.HK: Quote, Profile, Research, Stock Buzz) $15.1 billion bid for Nexen Inc (NXY.TO: Quote, Profile, Research, Stock Buzz) seemed like a sign that China is ready to go on a buying spree in Canada’s oil patch.

But on a closer look that seems far from certain. If Beijing thinks Nexen will open the door to a rash of big North American energy acquisitions by its state-controlled enterprises, it may want to think again.

Jul 27, 2012
Jul 27, 2012
Jul 25, 2012
Jul 25, 2012
Jul 25, 2012
Jul 24, 2012

CNOOC to buy Nexen for $15.1 billion in China’s largest foreign deal

HONG KONG/CALGARY (Reuters) – State-controlled CNOOC Ltd launched China’s richest foreign takeover bid yet on Monday by agreeing to buy Canadian oil producer Nexen Inc for $15.1 billion, forcing Ottawa to decide whether security concerns outweigh its desire for foreign investment in its energy resources.

CNOOC, China’s third-largest oil company, hopes to sell the deal to shareholders and the government with a hefty 61 percent premium to Nexen’s Friday stock price. It promised to retain all employees and to make Canada home base for its Western Hemisphere operations.

Jul 23, 2012
Jul 23, 2012
Jul 23, 2012
    • About Jeffrey

      "Jeffrey Jones is a senior reporter based in Calgary, Alberta, Canada. Jeff covers a wide array of topics, including energy, environment, business and general news. He is also in charge of coordinating in-depth energy-related stories for the United States and Canada. Jeff has a keen interest in music."
      Joined Reuters:
      1994
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