Canadian parliament to debate motion on CNOOC bid for Nexen

Mon Oct 1, 2012 4:01pm EDT
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OTTAWA (Reuters) - Canada's House of Commons will vote on an opposition motion on Wednesday demanding that the government hold public consultations on the $15.1 billion bid by China's CNOOC Ltd to take over Canadian oil company Nexen Inc, the opposition New Democratic Party said on Monday.

The NDP motion, to be debated on Tuesday, will also call on the Conservative government to fulfill its promise to clarify what the Investment Canada Act means when it says major foreign investments must be of "net benefit" to Canada to win government approval.

Because the government has a majority of seats in the House, the motion is unlikely to pass, but it will provide a day of debate, which will raise the profile of the proposed transaction.

(Reporting by Randall Palmer; Editing by Peter Galloway)

Kevin Reinhart interim President and CEO of Nexen addresses shareholders during the Nexen special meeting of shareholders in Calgary, Alberta, September 20, 2012. REUTERS/Todd Korol