Ottawa is extending its review period for the proposed takeover of Nexen Inc. (TSX:NXY) by China’s state-owned offshore oil company.
Industry Minister Christian Paradis says the review under the Investment Canada Act is being extended by 30 days and can be extended again, with the consent of CNOOC.
An initial 45-day review period was set to end Friday. “A determination will be made based on the six clear factors that are laid out in detail in Section 20 of the act and the guidelines on investment by state-owned enterprises,” Paradis said in a statement. China National Offshore Oil Corp. is offering $15.1 billion to buy Calgary-based Nexen in what is the largest deal so for in the Canadian oilpatch involving a Chinese company.