Nexen Shares Fall After Failed Takeover

Nexen Inc. (NXY) as a takeover waiting to happen, got placed on the back burner for the time being, after a report in Wednesday's Times of London said Total SA (TOT) has scuppered plans to buy Nexen.

Shares in Nexen fell as much as 24% on the news, giving back every cent of Tuesday's 11% gain in the stock, earned when reports surfaced that French oil giant Total was set to launch a C$19.7-billion bid for Nexen.

Nexen shares have been on a roller coaster ever since rumours surfaced last week that Total SA was interested in the Alberta-based oil & gas company. Since Nov. 24, the stock has deviated back and forth a total of 55% from a C$17.04 low to a C$26.49 high Tuesday.