China CNOOC to buy Canadian Oil Company for 15.1 Billion

July 23, 2012 Share Print 0

A major Chinese oil producer expanded its footprint in North America’s energy market with a $15.1 billion acquisition of a Canadian company.
Calgary-based Nexen Inc. said Monday that it has agreed to be acquired by China’s CNOOC Ltd. in a cash transaction. The deal values Nexen (NXY) shares at $27.50 each, a 61% premium from Friday’s closing price of $17.06.

Nexen’s assets in North America include exploration and development in the Gulf of Mexico and shale oil development in British Columbia.
The company also has operations in the North Sea off the coast of Great Britain and off the coast of Nigeria.
Nexen said the deal will require the approval of regulators, including those in the United States. The deal is expected to close by the end of the year.

via CNN

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Alfonso Esparza

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Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.