China’s CNOOC to buy Calgary oil giant Nexen for $15B

Calgary-based oil and gas firm Nexen Inc. has agreed to be acquired by China National Offshore Oil Company in a $15.1 billion US cash deal.

State-owned CNOOC Ltd. will pay $27.50 per Nexen share. That price makes the deal the largest foreign transaction that Beijing has ever attempted.

Although Nexen's board is recommending the deal, the takeover must be approved by shareholders and various regulatory bodies. In particular, the deal will require the federal government's sign-off in Ottawa under the Investment Canada Act, which requires some foreign takeovers of Canadian companies to pass the "net benefit test" of being deemed a useful contribution to Canada's economy.

Note EU-Digest: this might not be such a good thing  for Canada to do for a variety of reasons, regardless of the short term financial benefits. 

Read more: China’s CNOOC to buy Calgary oil giant Nexen for $15B - Business - CBC News