China's CNOOC completes $15B Nexen purchase
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Print | Originally published: Feb 25, 2013 - 10:28 pm
HONG KONG (AP) - Chinese oil company CNOOC says it has completed its $15.1 billion purchase of Canadian energy producer Nexen.
State-owned CNOOC said in a statement that the acquisition was completed on Monday.
China's biggest overseas energy deal was finalized after winning approval from a U.S. agency that reviews takeovers by foreign companies for national security implications. The agency had a say because Nexen has Gulf of Mexico oil and gas fields.
Canada approved the deal despite worries it could lead to a flood of takeovers in the country's oil sands sector. Canada's prime minister said approval of similar deals in the future would be unlikely.
Calgary-based Nexen also operates in western Canada, the North Sea, Africa and the Middle East.
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