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Canadian Oil To China?

Mike

Well-known member
TORONTO — Shareholders of Canadian oil and gas producer Nexen Inc. have voted to approve a proposed $15 billion takeover of the company by Chinese state-owned CNOOC but the foreign takeover still requires approval by the Canadian government.

Ninety-nine percent of shareholders voted Thursday to approve the $27.50 Canadian per share offer. It would be China's biggest overseas energy acquisition.

The acquisition must be deemed a "net benefit" to Canada and concerns have been raised by a ruling Conservative lawmaker who says he's been getting a lot of negative feedback from constituents about the takeover by a state-owned Chinese firm.

Canada's Conservative government rejected Anglo-Australian BHP Billiton's hostile takeover bid for Saskatchewan's Potash Corp. in 2010.

Nexen operates in western Canada, the Gulf of Mexico, North Sea, Africa and the Middle East.
 

TSR

Well-known member
Are the Chinese good at raising cattle, wheat, barley,etc. No telling what they will try to buy next in Canada or elsewhere for that matter. I guess as you said capitalism at work. :wink:
 
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