CNOOC-Nexen review extended
Oct 11, 2012 at 9:00 am in Business, News by Ferne Wynnyk
Announced today is an extension of the review process for the proposal between state-owned China National Offshore Oil Corporation and Calgary-based Nexen.
It was scheduled to end tomorrow, but a 30 extension was granted under the Investment Canada Act.
The $15.1-billion bid has already been approved by shareholders but still needs to be a net benefit to Canada to be approved.
Policy questions have raised most concern.
The review period can be extended again, only if CNOOC agrees.
October 11th, 2012