Nexen shareholders to vote on CNOOC takeover

Canadian oil producer Nexen has scheduled a shareholder vote for next month to decide whether to allow Chinese state-owned firm CNOOC to buy the company for US$15.1 billion, Reuters reported. Shareholders will vote on September 20 to decide whether to allow what would be the largest foreign takeover by a Chinese company. CNOOC, a subsidiary of China National Offshore Oil Corporation, offered US$27.50 per share for Nexen after two prior bids were rejected, according to regulatory filings. The prospect of a takeover first arose in February, when Nexen said it was first aware of interest from a Chinese state-owned oil company. After two months of formal negotiations, the companies agreed to the final bid price, a 61% premium on Nexen’s shares, in July. The deal remains still subject to approval of Canadian, US and Chinese regulators.