US approves Cnooc’s Nexen buy

2013-02-14

China National Offshore Oil Corporation's (Cnooc) on-off chase to buy Canada’s energy firm Nexen has recveived a big boost with US regulators approving the proposed $15.1bn deal.

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 issued on Tuesday.

Nexen, based in Calgary, is the biggest proposed deal by Cnooc since its failed attempt to buy Unocal for $18.5bn in 2005.

-- Source from Sino Ship News

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