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MOC welcomes Canada's approval of CNOOC-Nexen deal


08:49, December 11, 2012

BEIJING, Dec. 10 (Xinhua) -- The Ministry of Commerce (MOC) on Monday welcomed Canada's decision to approve the China National Offshore Oil Corporation (CNOOC)'s 15.1-billion-U.S. dollar bid to buy Nexen Inc., a deal that will be China's biggest overseas acquisition ever once completed.

"The CNOOC takeover of Nexen is a normal commercial act between Chinese and Canadian enterprises. Canada's decision was in line with the companies' own needs to carry out mutually beneficial cooperation," an MOC official said.

The Canadian government on Friday approved CNOOC's purchase of Nexen, a Calgary-based oil and gas producer, more than four months after the Chinese state oil giant announced its bid.

"China hopes other governments involved in the transaction will examine the deal in an open-minded and objective way and approve the deal as soon as possible," said the MOC official, who spoke on condition of anonymity.

The closing of the acquisition remains subject to the approvals of other governments and regulatory agencies involved, according to a CNOOC statement released Saturday.

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