US green light for Nexen takeover

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Steve Marshall

 12 February 2013 14:38 GMT

Final regulatory approval clears way for acquisition by CNOOC Ltd

China’s state-owned CNOOC Ltd has cleared the final regulatory hurdle for its $15.1 billion takeover of Canadian giant Nexen.

The US’ foreign investment committee has now given its approval for the deal, which has already been rubber-stamped by the Canadian authorities, according to a statement from Calgary-based Nexen.

The transaction, which is China’s largest-ever foreign acquisition, is now expected to close by 25 February.

The two companies had been waiting on US approval as Nexen has assets in the Gulf of Mexico.

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