Approve CNOOC bid for Nexen, ex-Canadian central banker says

Canada should allow China’s state-owned CNOOC to buy Canadian oil company Nexen, a former central bank chief said on Wednesday, brushing aside arguments that oil is a “strategic” resource off-limits to foreigners.

David Dodge, who was Bank of Canada Governor from 2001 to 2008, listed some factors to consider when reviewing the US$15.1 billion bid, including the country’s need for foreign financing and the hefty premium CNOOC is willing to pay for the asset.

“How can that not be in our interest?” Dodge said to reporters after delivering a speech in Ottawa.

via Business feed http://www.scmp.com/business/commodities/article/1058553/approve-cnooc-bid-nexen-ex-canadian-central-banker-says