CALGARY—Chinese state-owned firm CNOOC Ltd. is now officially in control of Calgary oil and gas producer Nexen Inc.
CNOOC’s $15.1 billion takeover of Nexen has been completed, marking China’s largest-ever successful overseas acquisition.
Kevin Reinhart, who had been serving as interim CEO since January 2012, will remain in charge of Nexen’s operations in the oilsands, BC shale fields, North Sea, West Africa and Gulf of Mexico.
CNOOC Ltd. CEO Li Fanrong will serve as chairman of Nexen’s new board of directors, which includes members from both the Chinese and Canadian companies.
All of Nexen’s existing assets, as well as CNOOC’s North and Central American operations, will be managed out of Nexen’s Calgary headquarters.
Nexen shares are expected to be delisted from the Toronto Stock Exchange in a few trading days. They will cease being traded on the New York Stock Exchange.
©The Canadian Press