Nexen Approves $15.1Bln CNOOC Takeover; Shares Edge Lower, But Still Around $1 Above Yr Highs


Oil and gas company Nexen Inc. ( NXY ) today announced that shareholders have approved the $15.1 billion acquisition of the company by CNOOC Limited ( CEO ) through CNOOC Canada Holding Ltd.

NXY shares are down 0.28% to $25.25 in afternoon trading, leaving them about $1 below year highs.

The closing of the arrangement remains subject to the granting of the final order by the Court of Queen's Bench of Alberta, the receipt of required regulatory approvals and the satisfaction or waiver of the other customary closing conditions.

NXY trades in a 52-week range of $13.63 - $26.21. Shares have increased 38% in the last 12 months. CEO is down 2.4% at near $199.75 in a 52-week range of $141.27 - $234.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: CEO , NXY

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