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

Tuesday, February 12, 2013

CNOOC-Nexen deal wins U.S. approval, its last hurdle, (NYSE: CEO), (NYSE: NXY), (TSE: NXY.TO)

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.But a senior U.S. legislator said he planned to introduce legislation to block future deals like this, which involve U.S. properties that are free of royalties."Chinese government-owned oil corporations should not be allowed to drill for American oil in the Gulf of Mexico without paying a dime in royalties to U.S. taxpayers," said Representative Edward Markey, the ranking Democrat of the House Natural Resources Committee.The deal to purchase Calgary, Alberta-based Nexen had already passed regulatory muster in Canada and Europe. But the Committee on Foreign Investment in the United States (CFIUS) also needed to approve the transaction, because of Nexen's U.S. interests.

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 0.07% or $0.13/share to $199.64. 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 27819.

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 66718672.

Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY traded higher by 2.04% or $0.55/share to $27.48. 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 5633138.



Source