CNOOC To Acquire Nexen For $15.1B

China's CNOOC Ltd

announced its plans to buy Canada's Nexen

for around $15.1 billion. CNOOC will pay US$27.50 per share in cash to buy all of the outstanding common shares of Nexen. The deal price represents a 61% premium over Nexen's closing price on July 20, 2012. CNOOC shares closed at $202.75 on Friday, while Nexen shares closed at $17.06 on Friday.