CNOOC optimistic Nexen bid successful

CNOOC remains confident of wrapping up its purchase bid for Nexen by the end of this year and is willing to cooperate with the Canadian government during the extended review, CNOOC Chairman Wang Yilin said yesterday.

"We think it's business as usual for the Canadian government to take a longer period of time to complete the review on our gigantic purchase costing US$15.1 billion," Wang said.

On July 23, CNOOC announced a takeover bid for Nexen Inc at US$27.50 per share. The Canadian government's review on the acquisition will last till December 10.

If it is approved by the Canadian government, the deal will be China's largest overseas acquisition.

"Both CNOOC and Nexen are public-traded companies with good market performance and good operation records, such an acquisition goes with the globalization trend," Wang said, adding that his company is able to afford the acquisition.

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