Canada extends review of CNOOC-Nexen deal to December 10
(Reuters) - Canada said it has extended its review of a $15.1 billion bid by China's CNOOC Ltd (0883.HK) for Canadian energy producer Nexen Inc NXY.TO by a month to December 10.
"The review period for CNOOC Limited's proposed acquisition of Nexen Inc. under the Investment Canada Act has been extended to December 10, 2012," Christian Paradis, Canada's industry minister, said in a statement.
Ottawa is conducting the review to determine whether a takeover by the Chinese state-owned enterprise would bring a "net benefit" to Canada.
CNOOC in July launched China's richest foreign takeover bid by agreeing to buy Nexen, whose global portfolios include oil sands and shale gas.
The proposed acquisition has raised concerns within Canada about allowing a Chinese state-owned enterprise to control domestic resource assets.
Reuters reported on Wednesday that Canada was likely to extend its review of the CNOOC bid for Nexen beyond the November 10 deadline.
(Reporting by Ankur Banerjee in Bangalore)
NEW YORK - The Dow and the S&P 500 finished lower for the fourth consecutive session on Wednesday after investors found few reasons to make big moves, with uncertainty remaining over when the Federal Reserve will start to slow its stimulus.
- U.S. small businesses boosted borrowing in October to its highest level in over six years, an index showed on Tuesday, fresh evidence that the budget battle that shut the federal government for 16 days did little to derail underlying economic growth.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.