Deals
Cnooc Buys Nexen for in China’s Top Overseas Acquisition
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Cnooc Ltd. agreed to pay $15.1 billion in cash to acquire Canada’s Nexen Inc. in the biggest overseas takeover by a Chinese company.
China’s largest offshore oil and natural-gas explorer is paying $27.50 for each common share, a premium of 61 percent to Calgary-based Nexen’s closing price on July 20, according to its statement to the Hong Kong stock exchange yesterday. Nexen’s board recommended the deal to its shareholders.