CNOOC-Nexen Deal Receives US Approval, Clears Final Roadblock

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.