CNOOC 'agrees to conditions' for Nexen nod

Compromise: CNOOC has reportedly agreed to new terms by the Canadian government to win approval for its takeover of Nexen

China's state-owned CNOOC has reportedly accepted management and employment conditions set by the Canadian government to win approval for its C$15.1 billion (US$15.15 billion) takeover of Nexen, but key issues still need to be sorted out.

Bloomberg, citing two people familiar with the matter, said the Canadian government had taken on board requests made by Alberta Premier Alison Redford last month, which included guarantees that at least half of Nexen's board and management positions be held by Canadians.

However, important differences centring on the commercial side of the deal - notably, guarantees on employment and capital expenditure - could still hold up the deal's ultimate approval, according to one source quoted by Reuters.

Earlier this month, CNOOC chairman Wang Yilin said he was confident of winning regulatory approval from…

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