Cnooc Nexen

Canada approves Cnooc’s Nexen acquisition

Canada’s leaders defy domestic support for resource nationalism and allow Cnooc’s purchase of Nexen and Petronas’s takeover of Progress to go ahead.
British Columbia's Horn River Basin is one of Nexen's biggest shale gas resources

The Canadian government has approved a $15.1 billion bid from China National Offshore Oil Corporation Cnooc to buy Nexen, a deal that has highlighted China’s worldwide pursuit of natural resources and energy assets.

It is the biggest overseas acquisition ever made by a Chinese company, and was announced on July 23 and later agreed by Nexen shareholders. Endorsement by the Canadian industry ministry and Prime Minister Stephen Harper on Friday came after months of argument in Canada and concern in the US.

Approval...

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