July 23, 2012 / 10:05 AM / 5 years ago

China's CNOOC says to buy Canada's Nexen for $15.1 bln

HONG KONG, July 23 (Reuters) - China’s top offshore oil producer CNOOC Ltd has entered into an agreement to purchase Canada’s Nexen Inc for about $15.1 billion, the Chinese company said on Monday.

“The aggregate value of the consideration of the proposed acquisition is approximately $15.1 billion (approximately HK$117.2 billion), and is to be payable in cash,” CNOOC said in a statement filed on the Hong Kong stock exchange.

“The current indebtedness of Nexen of approximately $4.3 billion (approximately HK$33.6 billion) will remain outstanding. The company intends to fund the proposed acquisition through existing cash resources and external financing.”

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