Canadian-based energy company Nexen Inc. (TSX: NXY) (NYSE: NXY) said Friday that under the terms of the Investment Canada Act, the Honourable Christian Paradis, Minister of Industry, has approved the proposed acquisition of Nexen by CNOOC Limited (CNOOC). No further approvals are required in Canada.
"This is an important milestone in the process and confirms our belief that this transaction provides a number of significant benefits to Canada and to Nexen," said Kevin Reinhart, Nexen's interim President and CEO. "We remain focused on working with CNOOC to bring this transaction to a close."
The closing of the acquisition remains subject to the receipt of applicable government and regulatory approvals, and the satisfaction or waiver of the other customary closing conditions.
Nexen is focused on three growth strategies: oil sands and shale gas in western Canada and conventional exploration and development primarily in the North Sea, offshore West Africa and deepwater Gulf of Mexico.