Canada Extends Review of Cnooc Takeover Bid for Nexen

Bloomberg

Canada has extended its review of Beijing-based Cnooc Ltd.’s $15.1 billion takeover of Nexen Inc. for a second time, re-setting the deadline to Dec. 10. “A determination will be made based on the six clear factors that are laid out in detail in section 20 of the Act band the Guidelines on Investment by State-Owned Enterprises,” Paradis said in the statement. “The required time will be taken to conduct a thorough and careful review of this proposed investment.” Under the law, Beijing-based Cnooc had to agree to the deadline extension.

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