February 25, 2013 / 10:44 PM / 5 years ago

CNOOC closes $15.1 billion acquisition of Canada's Nexen

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 the Asian country’s largest-ever foreign takeover was announced.

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

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

The takeover, originally announced in July 23, won approval from Canadian regulators in December. Earlier this month, CNOOC overcame its last major hurdle after the deal was cleared by the Committee on Foreign Investment in the United States, which had a say because of Nexen’s exploration and production assets in the Gulf of Mexico.

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