July 23, 2012 / 3:01 PM / in 5 years

Canada says CNOOC purchase of Nexen subject to review

OTTAWA, July 23 (Reuters) - The Canadian government and the country’s competition watchdog will both conduct reviews of Chinese state oil company CNOOC’s proposed purchase of Canada’s Nexen Inc, Industry Minister Christian Paradis said on Monday.

“CNOOC has indicated that it will be filing an application for review under the (Investment Canada) Act shortly,” Paradis said in a statement.

Paradis said his final decision would be based on six factors listed in the foreign investment law, including the effect on economic activity and employment.

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