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May 27, 2017

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Canada adds thirty days to review of CNOOC's takeover of Nexen

OTTAWA -- Canada's industry minister announced Thursday a 30-day extension to review Chinese state-owned energy giant CNOOC's US$15.1 billion takeover bid for the Canadian oil and gas company Nexen.

"The proposed transaction is undergoing a rigorous review under the Investment Canada Act," Minister Christian Paradis said in a statement.

"In general terms, the act provides an initial 45 days for the review, which can be extended for an additional 30 days. The review period may be extended again, with the consent of the investor. A decision can be made at any time within this period."

The proposed takeover would be China's largest foreign investment and its largest energy deal, according to data firm Dealogic.

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