CNOOC takes over Nexen
Updated: 2013-02-26 09:26
BEIJING - China National Offshore Oil Corporation (CNOOC) announced Tuesday that it has closed a deal to acquire Canada's Nexen Inc, marking the biggest overseas acquisition made by a Chinese company.
CNOOC, China's largest offshore oil and gas producer, said in a statement on its website it purchased Nexen's common and preferred shares with a total worth $15.1 billion.
Wang Yilin, chairman of the CNOOC, said the deal gives the company a world-leading platform for development.
"CNOOC believe the acquisition of Nexen is in line with its corporate strategy and will bring long-term benefits to shareholders," Wang said.
The statement said Kevin Reinhart will continue to serve as chief executive of Nexen, which will operate as CNOOC's wholly owned subsidiary.
The deal was first announced in July 2012. It is the largest overseas acquisition made by a Chinese company.
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