U.S. regulators have approved the $15.1 billion takeover of Canadian oil and gas company Nexen Inc by China's state-owned CNOOC Ltd , removing the final obstacle 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. It said it now expects the deal to close the week of Feb. 25, seven months after China's top offshore oil and gas producer made its bid of $27.50 a share.Nexen's 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 price the shares had hit since CNOOC made its bid for Nexen on July 23 last year.The approval came even though widespread distrust of U.S. investments by Chinese companies has lingered among some legislators since CNOOC's 2005 attempt to purchase Unocal Corp, a deal that foundered on U.S. national security concerns.
CNOOC Limited is an investment holding company. The Company, along with its subsidiaries, is a producer of offshore crude oil and natural gas and an independent oil and gas exploration and production company. Shares of CEO traded higher by 0.4% or $0.79/share to $200.30. In the past year, the shares have traded as low as $171.58 and as high as $234.00. On average, 77800 shares of CEO exchange hands on a given day and today's volume is recorded at 16306.
Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY traded higher by 2.08% or $0.56/share to $27.43. 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 58242920.
Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY traded higher by 2.1% or $0.565/share to $27.50. 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 4128972.
Source
