November 2, 2012 / 11:40 PM / 5 years ago

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

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