Nexen to be acquired by CNOOC for US$15.1 billion

The corporate logo of Calgary-based international oil and gas producer Nexen Inc. (TSX:NXY) is shown. THE CANADIAN PRESS/HO

July 23, 2012 - 7:00 AM

CALGARY - Oil and gas producer Nexen Inc. has agreed to be acquired by a Chinese offshore oil company for US$15.1 billion cash.

The Calgary-based firm will be purchased by CNOOC Ltd. in an all-cash transaction worth $27.50 per Nexen share.

That's a 66 per cent premium over the 20-day weighed volume average of Nexen shares (TSX:NXY).

News from © The Canadian Press, 2012

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