Industry Minister Christian Paradis has extended the federal government's review of China National Offshore Oil Corp.'s proposed takeover of Nexen Inc. under the Investment Canada Act by 30 days.
CNOOC, one of three Chinese oil companies controlled by the Chinese government, is trying to buy Calgary-based Nexen in a $15-billion takeover.
Shareholders have already signed off on the deal, but any deal worth more than $331 million to take over a Canadian company requires regulatory approval from the Canadian government.
"Extensions to the review period are not unusual," Paradis said. "In general terms, the Act provides an initial 45 days for the review, which can be extended for an additional 30 days."
"The review period may be extended again, with the consent of the investor. A decision can be made at any time within this period," he said.
Nexen also owns assets in the Gulf of Mexico, and the move likely pushes the decision on Nexen beyond the U.S. presidential election in early November.
More to come
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