July 23rd, 2012, 07:00 AM
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China's CNOOC to buy Canada's Nexen for $15.1 billion
HONG KONG (Reuters) - China's top offshore oil producer CNOOC Ltd has entered into an agreement to buy Canada's Nexen Inc for about $15.1 billion, the Chinese company said on Monday. state-controlled CNOOC said it would pay $27.50 per common share, representing a 61 percent premium to Nexen's closing price in New York on Friday. "The aggregate value of the consideration of the proposed acquisition is approximately $15.1 billion (approximately HK$117.2 billion), and is to be payable in cash," CNOOC said in a statement filed on the Hong Kong stock exchange. ... View the Entire Article
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