Nexen and CNOOC Confident That Takeover Will be Completed This Year

The Wall Street Journal reported that both Nexen Inc. (TSX:NXY,NYSE:NXY) and CNOOC Ltd. (NYSE:CEO) believe that CNOOC’s $15.1 billion takeover offer for Nexen will go through by the fourth quarter of this year.

As quoted in the market news:

Nexen’s comments came with the release of its third-quarter results, which showed a 71% drop in profits as a result of lower production volumes and higher operation costs.

The Cnooc takeover is currently under review by the Canadian government to determine if it provides a so-called net benefit to the country’s economy. The government recently extended its review period to early November, and has suggested it could be extended further.

Click here to read the full report from The Wall Street Journal.