China's CNOOC Has Agreed to Buy Canada's NEXEN for $15.1bn

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China's offshore oil and gas giant CNOOC said on Monday it has agreed to acquire Canadian rival NEXEN for 15.1 billion dollars.

The deal, if successful, would be China's biggest overseas takeover. The move is also in line with CNOOC's plans to expand its resources overseas.

CNOOC said it would pay $27.50 cash per share, a 61 percent premium to Nexen's closing price in New York last Friday.

Seven years ago, CNOOC dropped a bid for acquiring the US energy company, Unocal, due to intense political opposition in the U.S.

Canadian regulators can block the proposed deal if they do not see it to be within Canada's best interest.

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