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CNOOC To Acquire Nexen For $15.1B

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China's CNOOC Ltd (NYSE: CEO) announced its plans to buy Canada's Nexen (NYSE: NXY) 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.

Posted-In: merger and acquisitionNews M&A


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