The Annual Equipment of Pipeline and Oil &Gas Storage and Transportation Event
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Nexen Inc's shareholders have approved CNOOC Ltd's US$15.1 billion bid for the Canadian oil and natural gas producer, the biggest foreign takeover by a Chinese company.
About 99 percent of common shareholders who voted cast ballots in favor of the takeover, S. Barry Jackson, non-executive chairman of Nexen, said in Calgary yesterday. The deal needed the approval from two-thirds of shareholders.
CNOOC, China's largest offshore oil and gas producer, agreed to pay US$27.50 a share for Nexen in an offer announced on July 23. The deal still needs approval from the Canadian government, which reviews foreign acquisitions worth more than C$330 million (US$337 million) to ensure there's a "net benefit" to the country.
There's "low risk" Canada will block the deal or impose onerous conditions, said Philip Skolnick, analyst at Canaccord Genuity Corp in New York.
Along with the rapid development of China's energy industry, China Oil & Gas Pipeline network is experiencing unprecedented great structure, large-scale construction and giant leap. Read More >
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