China's CNOOC gets US approval for its takeover of Calgary-based Nexen
February 14, 2013, 12:36 am TWN
OTTAWA--Beijing-based energy giant CNOOC has received U.S. approval for its takeover of Canadian oil producer Nexen, surmounting the last hurdle to closing the deal, Nexen announced Tuesday.
U.S. approval was needed because of Nexen's oil assets in the Gulf of Mexico.
With the blessing of the Committee on Foreign Investment in the United States in hand, CNOOC “now has all of the requisite approvals to proceed to close,” said a statement.
The transaction is expected to close the week of Feb. 25.
The CNOOC deal is China's largest foreign investment and its largest energy deal, according to data firm Dealogic.
Calgary-based Nexen produces the equivalent of around 213,000 barrels of oil a day, with concessions in Canada's oil sands, Britain's North Sea, Nigeria, the Gulf of Mexico and Colombia.
China, the European Union and Canada have already approved the takeover.