Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, February 12, 2013

CNOOC-Nexen deal wins key U.S. regulatory approval, (NYSE: NXY), (TSE: NXY.TO)

U.S. regulators approved the $15.1 billion takeover of Canadian oil and gas company Nexen Inc by China's state-owned CNOOC , removing the final hurdle to the Asian country's largest-ever foreign takeover.Calgary, Alberta-based Nexen said on Tuesday the Committee on Foreign Investment in the United States (CFIUS) had given the final green light needed for the acquisition.It expects the deal to close in the week of Feb. 25, seven months after China's top offshore oil and gas producer made its bid of $27.50 per share.Nexen shares climbed to just below the bid price soon after North American markets opened, rising 2.1 percent to $27.43 on the New York Stock Exchange. It was the highest level for the shares since CNOOC bid for Nexen on July 23 last year.

Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY traded higher by 2.05% or $0.55/share to $27.42. In the past year, the shares have traded as low as $14.63 and as high as $27.06. On average, 9443920 shares of NXY exchange hands on a given day and today's volume is recorded at 46045272.

Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY traded higher by 2.15% or $0.58/share to $27.51. In the past year, the shares have traded as low as $15.18 and as high as $27.25. On average, 1197150 shares of NXY.TO exchange hands on a given day and today's volume is recorded at 1669798.



Source