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Canada extends review of CNOOC-Nexen deal by 30 days
October 11, 2012 / 1:35 PM / 5 years ago

Canada extends review of CNOOC-Nexen deal by 30 days

TORONTO, Oct 10 (Reuters) - Canada said on Thursday it has extended its review of a $15.1 billion bid by China’s CNOOC Ltd for Canadian energy producer Nexen Inc.

“I can confirm that the review period for China National Offshore Oil Corp’s (CNOOC) proposed acquisition of Nexen Inc. under the Investment Canada Act has been extended by 30 days,” 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.

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