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Chinese state-controlled CNOOC starts trading on the TSX

CNOOC, the Chinese state-controlled oil company that took over Nexen for $15.1-billion started trading on the Toronto stock market today.

The share-substitutes, known as American depository receipts or ADRs, will have the symbol CNU.

The company issued the listing with no new equity but it gives insight into its market value.

The company committed to listing on the TSX to win the take-over approval from the Canadian government.

The deal was approved in December under current foreign-takeover rules, but Prime Minister Stephen Harper also announced that future deals by state-owned companies would face closer examination.

September 18th, 2013