Nexen Shareholders Approve CNOOC Deal
TORONTO - Nexen Inc. shareholders, as expected, overwhelmingly voted in favor of CNOOC Ltd.'s proposed $15.1 billion takeover of the Calgary-based energy company.
At a shareholder meeting in Calgary Thursday, Nexen said 99% of votes cast by common shareholders supported the deal. The meeting was webcast.
However, the closely scrutinized transaction still needs approvals from Canada's industry ministry as well as from U.S. and European regulators. It represents the biggest test yet of the developed world's willingness to accept Chinese capital for control of strategic resources.
State-controlled CNOOC is China's largest offshore oil company by production. By acquiring Nexen it would gain ownership of oil and gas reserves in western Canada, the U.K. North Sea, the Gulf of Mexico and offshore Nigeria.
"Today's shareholder vote is one step in the transaction's approval process," Kevin Reinhart, Nexen's interim president and chief executive, told shareholders following the vote. "It's now in the (regulators') hand to assess the tansaction," he said.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 2 Offshore Rigs
- Alberta Regulators Charge Nexen Energy Over 2015 Pipeline Spill (Jul 06)
- Cenovus Drops Most Ever as $13.3 Billion Deal Ramps Up Risks (Mar 30)
- UKCS Oil, Gas Extraction Drops 10% (Dec 08)
Company: CNOOC more info
- CNOOC Completes Test Runs at Huizhou Refinery in Guangdong - Report (Oct 09)
- Exxon Mobil Bets on Brazil, Buys 10 Oil Blocks in Auction (Sep 28)
- China's CNOOC Begins Oil Partner Hunt in Mexico Deep Waters (Sep 15)