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CNOOC Chairman: Confident Nexen Deal Will Be Completed by Year-End

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BEIJING- The chairman of China's CNOOC Ltd. said Friday that he was confident that the state-controlled oil giant's proposed $15.1 billion buyout of Canada's Nexen Inc. would be completed by the end of the year. 

CNOOC Chairman Wang Yilin said it wasn't fair to characterize obstacles to the deal as political. The deal was proceeding normally and is challenging only because it must be approved by six countries, he said on the sidelines of the Communist Party Congress.

The Canadian government said last week that it had delayed a final decision on the deal, extending the review until Dec. 10. The government reviews all such big acquisitions by foreign companies and the delay was widely expected. 

Copyright (c) 2012 Dow Jones & Company, Inc.

WHAT DO YOU THINK?

Post a Comment 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.
Justin Flontek | Nov. 9, 2012
No harpo! No FIPA! No more selling out Canadians!


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