Canada draws the line on state-controlled energy deals
Asian state-run companies will take over Canada's Nexen and Progress Energy
After a series of delays, the Canadian government has finally approved two deals that will see Asian state-run companies take over Canadian energy firms Nexen and Progress Energy. China National Offshore Oil Corporation (Cnooc) will acquire Nexen, Canada’s fifth-largest oil producer, in a $15.1 billion deal, while Malaysia’s Petronas will buy Calgary-based Progress Energy for C$6bn ($6.1bn). Nexen and Progress saw their share prices surge almost 15% after the announcement on 9 December. Nexen gained $3.25 a share on the New York Stock Exchange to close at $26.77 a share, while Progress added C$2.59 a share in Toronto, rising to C$21.96 a share. Government approval came after considerable han
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