China's CNOOC begins trading on Toronto Stock Exchange

Wed Sep 18, 2013 11:06am EDT
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CALGARY, Alberta, Sept 18 (Reuters) - CNOOC Ltd, China's top offshore oil explorer, began trading on the Toronto Stock Exchange on Wednesday, fulfilling a commitment made to win Canadian approval for the company's $15.1 billion acquisition of Nexen Inc earlier this year.

CNOOC American Depositary Receipts, each representing 100 common shares, trade under the symbol "CNU". The ADRs were unchanged at C$212.00 at midmorning.

CNOOC said the ADRs are the same as those traded on the New York Stock Exchange but are priced in Canadian dollars.

Listing on Canada's premier exchange was one of the promises CNOOC made to win Canadian approval of its contentious takeover of Nexen, one of Canada's largest oil producers. Canada's Conservative government approved the deal after months of wrangling, but ruled out future acquisitions of oil sands producers by state-controlled companies.

"Listing on the TSX represents our continuous commitment to maintaining transparency and good corporate governance in the countries where we operate," Li Fanrong, CNOOC's chief executive, said in a statement.

To secure approval for the Nexen deal, which closed in February, CNOOC also promised to retain all of Nexen's 3,000 employees.