Canada Approves Cnooc, Petronas Bids for Nexen and Progress

Canadian Prime Minister Stephen Harper approved Cnooc Ltd.’s $15.1 billion takeover of Nexen Inc. and Petroliam Nasional Bhd.’s C$5.2 billion ($5.2 billion) takeover of Progress Energy Resources Corp.

The deal by Beijing-based Cnooc is the largest ever takeover by a Chinese company, according to data compiled by Bloomberg. It gives the state-owned company a stake in Canada’s largest oil-sands project and the biggest position in the Buzzard oil field in the U.K. North Sea.

via Business feed http://www.scmp.com/business/companies/article/1100552/canada-approves-cnooc-petronas-bids-nexen-and-progress