Cnooc Wins Approval to Trade Shares on Toronto Stock Exchange
Cnooc Ltd. (883), China’s largest offshore oil and gas producer, expects to issue shares on the Toronto Stock Exchange on Sept. 18, fulfilling a term of its acquisition of Calgary-based Nexen Inc.
The company has approval from the Toronto exchange to trade American Depositary Receipts, it said in a statement to the Hong Kong stock exchange today. The issue doesn’t involve new shares and won’t generate additional funds for the company.
Cnooc agreed to its stock trading in Toronto to help seal the Canadian government’s approval of its $15.1 billion takeover of energy producer Nexen, which was completed in February. The acquisition, China’s biggest overseas takeover, brings Cnooc oil and gas reserves in Canada, the North Sea, the Gulf of Mexico and Africa.
Toronto is home to 40 percent of the 1.5 million people in Canada who claim Chinese ancestry as of 2011 and may become the first North American hub for trading China’s yuan, according to a plan proposed by Canada’s banks. By 2031, there will be 2.7 million individuals of Chinese origin in Canada, or 6.4 percent of the population, according to Statistics Canada projections from 2006.
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