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Canada to rule on CNOOC's takeover bid for Nexen

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Posted: Dec 7, 2012 1:34 PM

Updated: Dec 7, 2012 1:35 PM

TORONTO (AP) Canada appears set to rule on China's biggest overseas energy acquisition, a $15.1 billion proposed takeover by state-owned CNOOC's of Canadian oil and gas producer Nexen.

Prime Minister Stephen Harper's office said he will make a statement at 5:15 p.m. Eastern (2215 GMT) and Industry Canada has announced a news media lock-up at 4 p.m. for what it calls an important announcement.

Harper's Conservative government has been studying whether CNOOC's deal and a smaller foreign takeover, Malaysian state-owned oil firm Petronas' $5.2 billion bid for Progress Energy, represent a "net benefit" to the country. The review decisions are expected to shed light on Canada's policy toward foreign takeovers, particularly when the foreign company is owned by the state.

Topics: Canada-China-Nexen

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