US regulators approve CNOOC's $15.1 bn bid to buy Nexen

BEIJING: US regulators have approved China National Offshore Oil Corporation's (CNOOC's) USD 15.1-billion bid to buy Canadian oil producer Nexen Inc, a deal touted as the biggest overseas takeover made by a Chinese company.


The deal needed US approvals because Nexen, based in Calgary, Alberta, controlled assets in the Gulf of Mexico.

The approval from the Committee on Foreign Investment in the United States (CFIUS) means the last major hurdle was cleared, CNOOC, China's largest offshore oil producer said in a statement, quoted by state-run news agency Xinhua today.

Before this, the deal has won approvals from Nexen shareholders, local courts in Canada, the Canadian government, and the National Development and Reform Commission, China's economic planner.

Progresses of the deal with be publicised at a proper time,Xinhua quoted the statement as saying.

CNOOC said on January 28 that the closing date for the takeover would be postponed from January 31 to March 2, 2013.