China's Cnooc offers a record $15.1 billion for Canada's Nexen

Chinese oil company Cnooc is to buy Nexen of Canada for $15.1 billion, making it the biggest-ever cross-border deal from Asia ex-Japan — not just China.

China's Cnooc offers a record $15.1 billion for Canada's Nexen

Cnooc, one of China’s three major oil companies, struck a deal yesterday to buy Canadian oil and gas producer Nexen for $15.1 billion in the biggest-ever cross-border deal from Asia ex-Japan.

The Chinese company will pay $27.50 a share in cash for all of the outstanding common shares of Nexen, which is based in Calgary, Alberta. The transaction will be funded by Cnooc’s existing cash resources and external financing.

The purchase...

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