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