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

Sat Nov 3, 2012 5:03am IST

Related Topics

Stocks

   

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

Drug Pricing

REUTERS SHOWCASE

 G20 Meet

G20 Meet

As G20 chases growth goal, members differ on how to get there   Full Article 

Modi Speaks

Modi Speaks

PM Modi says al Qaeda will fail in India - CNN.  Full Article 

Alibaba Listing

Alibaba Listing

Alibaba surges on massive demand in trading debut  Full Article 

Importing Rice

Importing Rice

Top rice exporter India importing over 100,000 T on temporary supply squeeze.  Full Article 

GSK Fined

GSK Fined

China hands drugmaker GSK record $489 mln fine, sentences executives.  Full Article 

HMT in Demand

HMT in Demand

Fans rush to HMT as watchmaker marks time.  Full Article 

Apple Not Cool?

Apple Not Cool?

Some consumers say Apple is losing its "cool" factor  Full Article 

Reuters India Mobile

Reuters India Mobile

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