Canada extends review of CNOOC-Nexen deal to Dec. 10

Sat Nov 3, 2012 5:03am IST

Related Topics

Stocks

   
Coal Mining In The Punjab

Coal Mining In The Punjab

In Choa Saidan Shah miners dig coal with crude pick axes and load it onto donkeys to be transported to the surface earning a team of 4 workers around $10 to be split between them.  Slideshow 

Nov 2 (Reuters) - Canada said it has extended its review of a $15.1 billion bid by China's CNOOC Ltd for Canadian energy producer Nexen Inc by a month to Dec. 10.

"The review period for CNOOC Limited's proposed acquisition of Nexen Inc. under the Investment Canada Act has been extended to December 10, 2012," Christian Paradis, Canada's industry minister, said in a statement.

Ottawa is conducting the review to determine whether a takeover by the Chinese state-owned enterprise would bring a "net benefit" to Canada.

CNOOC in July launched China's richest foreign takeover bid by agreeing to buy Nexen, whose global portfolios include oil sands and shale gas.

The proposed acquisition has raised concerns within Canada about allowing a Chinese state-owned enterprise to control domestic resource assets.

Reuters reported on Wednesday that Canada was likely to extend its review of the CNOOC bid for Nexen beyond the Nov. 10 deadline.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

WTO Row

WTO Row

U.S. raises stalled WTO talks with India, no sign of breakthrough  Full Article 

Pharma Sector

Pharma Sector

FDA raises concern over drug production process at Cadila  Full Article 

Fed Policy

Fed Policy

Fed presses forward with bond buying, cites uptick in inflation.  Full Article 

Q2 Profit Slips

Q2 Profit Slips

Samsung sees tough second half  Full Article 

Chinese Economy

Chinese Economy

China should set lower 2015 GDP growth target of 6.5-7 percent - IMF  Full Article 

Tracking Monsoon

Tracking Monsoon

Monsoon rains turn below average in past week  Full Article 

Joint Bid

Joint Bid

ONGC, Oil India bid $1.5 bln for stake in Murphy Oil's Malaysia assets - sources  Full Article 

Economy Reboots

Economy Reboots

U.S. economy back on track with strong second-quarter rebound  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage