TORONTO Feb 25 The contentious $15.1 billion
takeover of Canadian oil and gas company Nexen Inc by
Chinese state-owned entity CNOOC Ltd closed on Monday,
more than seven months after the Asian country's largest-ever
foreign takeover was announced.
Calgary, Alberta-based Nexen said in a statement on Monday
that the deal has closed and that its shareholders will receive
$27.50 in cash for each Nexen share.
Nexen said its common and preferred shares will be delisted
from the Toronto Stock Exchange in a few days, while its common
shares are expected to cease being traded on the New York Stock
Exchange prior to the market opening on Feb. 26.
The takeover, originally announced in July 23, won approval
from Canadian regulators in December. Earlier this month, CNOOC
overcame its last major hurdle after the deal was cleared by the
Committee on Foreign Investment in the United States, which had
a say because of Nexen's exploration and production assets in
the Gulf of Mexico.