UPDATE 2-CNOOC closes $15.1 bln acquisition of Canada's Nexen

Mon Feb 25, 2013 6:33pm EST
 
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* Shareholders to get $27.50 in cash per Nexen share

* Company says Kevin Reinhart will remain Nexen's CEO

* Nexen shares close at $27.41 on the NYSE

By Euan Rocha

TORONTO, Feb 25 (Reuters) - The contentious $15.1 billion takeover of Canadian oil and gas company Nexen Inc by Chinese state-owned entity CNOOC Ltd closed on Monday, more than seven months after China's largest-ever foreign takeover was announced.

Nexen, based in Calgary, Alberta, said in a statement on Monday that the deal had closed and its shareholders would receive $27.50 in cash for each Nexen share.

Nexen said its common and preferred shares would be delisted from the Toronto Stock Exchange in a few days, while its common shares were expected to cease trading on the New York Stock Exchange prior to the market opening on Feb. 26.

The company said Kevin Reinhart would remain chief executive of Nexen, which will operate as a wholly owned subsidiary of CNOOC.

Nexen also said it would have a new board chaired by Li Fanrong, who is CEO of CNOOC. Other members of the new Nexen board will be Reinhart, Fang Zhi, Barry Jackson, Thomas O'Neill and William Berry.   Continued...