Minister Paradis Confirms Extension of Review Period Under the
Investment Canada Act
OTTAWA, ONTARIO -- (Marketwire) -- 10/11/12 -- Today, the Honourable
Christian Paradis, Minister of Industry, made the following
"I can confirm that the review period for China National Offshore Oil
Corporation's (CNOOC) proposed acquisition of Nexen Inc. under the
Investment Canada Act has been extended by 30 days.
"Extensions to the review period are not unusual. In general terms,
the Act provides an initial 45 days for the review, which can be
extended for an additional 30 days. The review period may be extended
again, with the consent of the investor. A decision can be made at
any time within this period.
"The proposed transaction is undergoing a rigorous review under the
Investment Canada Act. A determination will be made based on the six
clear factors that are laid out in detail in section 20 of the Act
and the Guidelines on Investment by State-Owned Enterprises.
"The required time will be taken to conduct a thorough and careful
review of this proposed investment."
Director of Communications
Office of the Honourable Christian Paradis
Minister of Industry
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