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Nexen shareholders approve Cnooc's $15.1-bln takeover

Published: 12:08 20 Sep 2012 EDT

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Nexen, Inc.'s (TSE:NXY) shareholders voted in favour to China's Cnooc proposed $15.1 billion acquisition, the company said Thursday.

The Calgary, Alberta-based oil and gas company said its common and preferred shareholders approved the deal at a special meeting held today.

The $15.1 billion acquisition remains subject to final approval by the government of Canada under its investment act, and other regulatory approvals.

Cnooc offered to pay $27.50 in cash to Nexen, a 61 per cent premium to Nexen's closing price of $17.29 per share when the deal was first announced on July 23.

Cnooc, an independent oil and gas explorer, is China's largest producer of off-shore crude oil and natural gas.

It has four major producing areas in off-shore China, and oil and gas assets in Asia, Africa, North America, South America and Oceania.

The deal will bolster Cnooc’s presence in Canada, Nigeria and the Gulf of Mexico, while adding a significant presence in the U.K. North Sea.

Following the deal, the Chinese company intends to set up a head office in Calgary, which will be responsible for operating and growing Nexen’s assets in North and South America, Europe, West Africa as well as Central America.

Nexen's stock traded at $24.67 each on Toronto's Stock Exchange.

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