CNOOC pledge small step for China transparency

CNOOC’s promise of transparency, pledged to win approval from Canada for its US$15.1 billion purchase of Nexen, looks like a positive step on the face of it but is unlikely to represent a sea change in Chinese business practices.

To be sure, the details of commitment are not clear. The state-controlled energy firm has promised the Canadian government an annual compliance report on all its commitments that are part of its takeover of Nexen, China’s biggest ever takeover. These include listing shares on Toronto stock exchange, which comes with certain disclosure requirements.

via Business feed http://www.scmp.com/business/china-business/article/1102036/cnooc-pledge-small-step-china-transparency