Cnooc Completes Nexen Acquisition; Nexen Shares to Delist

By Chip Cummins

TORONTO--Nexen Inc.( NXY ) said late Monday that Chinese state-run energy giant Cnooc Ltd. ( CEO ) has completed its aquisition of the Canadian oil-sands producers.

The $15.1 billion deal recently won government and regulatory approval from Canada, the U.K. and the U.S. In a statement, Nexen said Kevin Reinhart would continue as the company's chief executive, while Cnooc CEO Li Fanrong will assume the chairmanship of Nexen's board. Nexen's shares will be delisted from the Toronto Stock Exchange and the New York Stock Exchange in coming days, Nexen said.

As part of its bid, Cnooc promised to keep Nexen's headquarters in Calgary and transform those offices into the headquarters for Cnooc's North and Central American operations. Nexen confirmed those moves late Monday.

-Write to Chip Cummins at chip.cummins@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

  (END) Dow Jones Newswires
  02-25-131757ET
  Copyright (c) 2013 Dow Jones & Company, Inc.