Canada's junior finance minister, Ted Menzies, said on Tuesday
his constituents are split over Chinese state-owned CNOOC Ltd's
$15.1 billion takeover bid for Canadian oil producer Nexen Inc,
(NXY.TO) with some backing and others opposing the deal, Reuters
The Conservative government, of which Menzies is a member, is
now deciding whether to approve the CNOOC bid on the basis of
whether it is of net benefit to the country. Menzies, himself, is a
legislator from the oil-rich province of Alberta, where Nexen's
Canadian assets are concentrated.
The bid has divided cabinet, pitting ministers keen for more
investment in the tar sands of northern Alberta, one of the world's
biggest crude oil deposits, against those nervous about a Chinese
state-owned enterprise buying Canadian assets.
"I've heard many concerns, varying concerns, concerns about the
resource industry, concerns about a foreign company investing in
Canada," Menzies told reporters when asked what his constituents
were telling him.
"We're hearing comments on both sides of the story, many
supportive and certainly some that are concerned. What I'm hearing
is more concern rather than actually not understanding the
Prime Minister Stephen Harper said last month that public
opinion would be taken into account when deciding the fate of
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