Former Bank of Canada Gov. Dodge Backs Cnooc’s Nexen Bid

Cnooc Ltd. (883)’s $15.1 billion bid for Calgary-based Nexen Inc. (NXY) should be approved by the Canadian government, former Bank of Canada Governor David Dodge said.

Speaking to reporters in Ottawa, Dodge said there is every reason to allow the proposed takeover, and the fact that Cnooc was willing to pay such a high premium for Nexen shows the transaction is in Canada’s interest.

To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net

To contact the editor responsible for this story: Paul Badertscher at pbadertscher@bloomberg.net

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