CNOOC Completes Nexen Acquisition

By RTT News,  February 25, 2013, 07:33:00 PM EDT


(RTTNews.com) - Chinese oil and gas giant CNOOC Ltd. ( CEO ) said Monday that it has completed its acquisition of Nexen Inc. (NXY, NXY.TO).

Total consideration of about US$15.1 billion was paid for Nexen's common and preferred shares.

The deal was origianlly announced in July 2012.

Nexen will operate as a wholly-owned subsidiary of CNOOC, and will continue to be led by CEO, Kevin Reinhart, who has been with Nexen for over 18 years.

A new Board of Directors comprised of CNOOC, existing Nexen management and Canadian independent directors has been established, with Li Fanrong as Chairman of the Board.

Nexen's common and preferred shares are expected to be delisted from the Toronto Stock Exchange in a few trading days. Nexen's common shares are expected to cease being traded on the NYSE prior to the market opening on February 26, and will subsequently be delisted.

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This article appears in: News Headlines

Referenced Stocks: CEO, NXY



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