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CNOOC's Nexen Buy Caps Confident Year For China Dealmaking
CNOOC investors cheer after Canada gives the green light to the company's takeover bid for Nexen. Shares of the state-owned energy giant gaining over 2% in early trade, outperforming the Hong Kong index, despite some concerns about the deal's lofty price tag. The takeover followed months of heated debate in Canada, and will see Nexen shareholders walk away with a hefty premium. It indicates just how far CNOOC, and Chinese dealmaking, has come since the firm's failed 2005 bid for Unocal.
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