Chinese State Oil Company Swallows Nexen for $15.1 Billion

Jul. 23, 2012 09:55AM PST

Canadian oil and gas producer Nexen Inc. (TSX:NXY) has agreed to be acquired by China Offshore Oil Company (COOC) for $15.1 billion, The Toronto Star reports.

Canadian oil and gas producer Nexen Inc. (TSX:NXY) has agreed to be acquired by China Offshore Oil Company (COOC) for $15.1 billion, The Toronto Star reports. The all-cash transaction values Nexen at $27.50 per share, which is 61% higher than the closing price of Nexen’s shares on Friday. As quoted in the market news:

“This transaction will allow for significant investment in our business and opens the door to new opportunities for our employees,” said Nexen chief executive Kevin Reinhart in a release.

Click here to read the full Toronto Star report