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CNOOC-Nexen deal wins key U.S. regulatory approval
February 12, 2013 / 1:20 PM / in 5 years

CNOOC-Nexen deal wins key U.S. regulatory approval

TORONTO, Feb 12 (Reuters) - Canadian oil producer Nexen Inc said on Tuesday that the Committee on Foreign Investment in the United States has approved its $15.1 billion takeover by China’s CNOOC Ltd, removing the final barrier to China’s largest foreign takeover.

The two companies had been waiting for U.S. approval of the deal because Nexen has assets in the Gulf of Mexico. Canada approved the deal late last year, but indicated it would not allow further takeovers in the strategic oil sands sector by foreign state-owned enterprises.

Calgary-based Nexen said it now has all the regulatory approvals needed for the transaction to proceed. It expects the deal to close in the week of Feb. 25.

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