Deals
Government Consents Next Hurdle for Cnooc in Nexen Bid
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Nexen Inc. shareholders’ approval of Cnooc Ltd.’s $15.1 billion bid for the Canadian energy producer leaves the fate of the biggest Chinese takeover in the hands of three foreign governments as opposition mounts.
About 99 percent of the holders who voted yesterday cast ballots in favor of the takeover, S. Barry Jackson, Nexen’s non-executive chairman, said at a special meeting in Calgary. Cnooc, China’s largest offshore oil and natural-gas producer, agreed to pay $27.50 a share for Calgary-based Nexen in an offer announced July 23.