Chinese oil giant CNOOC buys Canada's Nexen

  • Singaporean filmmaker gets 15-minute standing ovation at Cannes

    Singaporean director Anthony Chen described as “surreal” the 15-minute standing ovation that followed the world premiere of his debut feature film "Ilo Ilo" at the Cannes Film Festival on Sunday. Though the ending of the premiere couldn’t have been more perfect, the 29-year-old Chen said the beginning was quite “nerve-wrecking” as it was marred by technical glitches.

  • COE prices up for all cars

    COE prices up for all cars

    COE prices up for all cars

    Certificate of Entitlement (COE) prices for small and big cars rose in the latest bidding exercise Wednesday.

  • Shane Todd's family abandoning coroner's inquiry

    Shane Todd's family abandoning coroner's inquiry

    Shane Todd's family abandoning coroner's inquiry

    The family of Shane Todd, a U.S. scientist found hanged dead in Singapore last year, will not participate in the remainder of a coroner’s inquiry into his death.

  • SMRT to conduct full-scale inspection of NSEW rail network

    SMRT to conduct full-scale inspection of NSEW rail network

    SMRT to conduct full-scale inspection of NSEW rail network

    SMRT will embark on a full-scale inspection of the entire North-South and East-West lines to detect any potential rail cracks.

  • AVA stops sale of brand of Taiwan bubble tea pearls

    AVA stops sale of brand of Taiwan bubble tea pearls

    AVA stops sale of brand of Taiwan bubble tea pearls

    The Agri-Food & Veterinary Authority of Singapore (AVA) has stopped the sale of a brand of tapioca balls commonly used to make Taiwan bubble tea in Singapore. In a Facebook post on Monday, the AVA said it had informed the local importers of Sunright brand tapioca balls -- commonly known as "pearls" -- to withdraw them from sale.

The Chinese oil giant CNOOC completed its $15.1 billion purchase of Canada's Nexen energy group on Monday, in what analysts have said is China's largest foreign investment.

Canada gave the green light in December, as did the United States, which had to approve the deal because of Nexen's activities in the Gulf of Mexico.

Nexen confirmed the completion of the acquisition in a statement, noting that its shareholders had received $27.50 per share, a gain of $10 compared to the day before the announcement of the transaction in July.

In a separate statement, the head of state-run CNOOC Wang Yilin said "we strongly believe that this acquisition is a good strategic fit for us and will create long-term value for our shareholders."

The CNOOC deal is China's largest foreign investment and its largest energy deal, according to data firm Dealogic.

Calgary-based Nexen produces the equivalent of around 213,000 barrels of oil a day, with concessions in Canada's oil sands, Britain's North Sea, Nigeria, the Gulf of Mexico and Colombia.

Up until the purchase, Nexen was the 10th largest Canadian petroleum company by sales, with particularly promising assets in the oil sands of the western province of Alberta.

Nexen said it would be retired from the Toronto Stock Exchange in the coming days, with CEO Kevin Reinhart staying on as head of the CNOOC subsidiary.

The deal sparked debate in Canada, where Prime Minister Stephen Harper approved the transaction while tightening the criteria for the purchase of Canadian companies by foreign firms, particularly in the oil sands sector.

Loading...