CNOOC-Nexen Deal Receives US Approval, Clears Final Roadblock

- February 13th, 2013

The BBC reported that the United States has approved CNOOC’s (NYSE:CEO,HKEX:0883) acquisition of Canada’s Nexen (NYSE:NXY,TSX:NXY). The deal has already been okayed by Canadian authorities, so approval from the US means that the path for the sale is now clear.

The BBC reported that the United States has approved CNOOC’s (NYSE:CEO,HKEX:0883) acquisition of Canada’s Nexen (NYSE:NXY,TSX:NXY). The deal has already been okayed by Canadian authorities, so approval from the US means that the path for the sale is now clear.

As quoted in the market news:

There have been concerns over China’s access to key US assets and regulators had previously blocked an attempt by CNOOC to buy a US-based firm.

The $15.1bn (£9.4bn) deal is China’s largest foreign takeover.

Joshua Zive of Bracewell & Guiliani, a Washington-based lobbying firm said the approval for CNOOC’s latest deal “is likely to be viewed as a positive development”.

“That, in the current climate, is a moment of significance,” he added.

Click here to read the full BBC report.

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