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.