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Canada has again lengthened its review of Cnooc's (CEO) $15.1B bid to buy Nexen (NXY) by a...

Canada has again lengthened its review of Cnooc's (CEO) $15.1B bid to buy Nexen (NXY) by a month, this time to December 10. The extension provides the government with extra time to formulate guidelines for dealing with foreign acquisitions of Canadian companies, which it wants to announce at the same time as its ruling on Nexen. Meanwhile, PM Stephen Harper has indicated that Canada would block foreign takeovers if other countries aren't open enough to Canadian investment.
Comments (1)
  • December 10th also gives the Canadian Government time to assess the situation after the US election, the coming into power of the new leadership in China, the evolving EU situation etc. as all these (including bi-elections being held in November in Canada, current discussions between Canada and India concerning a range of bilateral economic issues and the current debate within Canada concerning a recently negotiated China-Canada economic pact) will shape how they will henceforth treat foreign takeovers in general and the Nexen proposed takeover in particular.
    4 Nov 2012, 05:40 PM Reply Like
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