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Chinese State Oil Company Swallows Nexen for $15.1 Billion
Jul. 23, 2012 09:55AM PST
Oil and Gas InvestingCanadian 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.