Feb 20 Celtic Exploration Ltd said the
Canadian government has approved its acquisition by Exxon Mobil
Corp, paving the way for the $2.64 billion deal to be
closed four months after it was first announced.
Celtic Exploration said in a statement late on Wednesday
that no further regulatory approvals are required as the
Minister of Industry approved the transaction under the terms of
the Investment Canada Act.
In October, Exxon Mobil's Canadian subsidiary, ExxonMobil
Canada, agreed to buy Celtic Exploration for C$2.6 billion
($2.64 billion), in a deal to raise its presence in some of
Western Canada's most promising shale oil and gas regions.
A key provision in the Investment Canada Act requires the
government to determine whether certain foreign investments in
Canada are of net benefit to the country.
In December Canada approved China's biggest foreign
takeover, the $15.1 billion bid by CNOOC Ltd for
energy company Nexen Inc, but drew a line in the sand against
future acquisitions by foreign state-owned enterprises.