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Nexen deal resubmission part of approval process


08:21, November 30, 2012

BEIJING, Nov. 29 (Xinhua) -- China National Offshore Oil Corp. (CNOOC) resubmitted its proposed takeover of Nexen to U.S. regulators as part of the deal's approval process, the oil producer said Thursday.

The comment was made after Canadian energy company Nexen Inc. said late Tuesday that a joint voluntary notice with CNOOC had been withdrawn and a new application was submitted to the Committee on Foreign Investment in the United States.

The statement by Nexen said the withdrawal was made after consultation with the committee.

Nexen has assets in the United States, therefore the deal needs to get approval from U.S. regulators, a CNOOC official, who did not want to be identified, said.

The official declined to make further comment on the resubmission.

The state-run oil giant announced to take over Nexen at 27.5 U.S. dollars per share on July 23. A review by the Canadian government has been extended to Dec. 10.

The 15-billion-U.S.-dollar deal has already been endorsed by Nexen shareholders.

With its previous acquisition bid for Unocal seven years ago being rejected by U.S. lawmakers citing national security concerns, CNOOC is in the spotlight again because of uncertainties over the bid this time.

If it is approved by the Canadian government, the deal will be China's largest overseas acquisition.

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