- All-cash price of US$27.50 per Nexen common share
- The price represents a premium of 61% to the closing price of Nexen's common shares on the NYSE on July 20, 2012, and a premium of 66% to Nexen's 20 trading-day volume-weighted average share price
- Delivers significant and immediate value to Nexen shareholders
- The transaction has received the unanimous approval of Nexen's and CNOOC Limited's Boards of Directors
- The acquisition of Nexen enhances CNOOC Limited's presence in Canada, Nigeria and the Gulf of Mexico, adds a significant presence in the U.K. North Sea and diversifies CNOOC Limited's growth platform
- The acquisition provides significant long-term benefits to Canada which are expected to include:
- Establishing Calgary as CNOOC Limited's North and Central American headquarters, which will manage Nexen's global operations and CNOOC Limited's existing operations in the region (comprising approximately US$8 billion of CNOOC Limited's existing assets);
- Intending to retain Nexen's current management team and employees;
- Enhancing capital expenditures on Nexen's assets;
- Intending to list CNOOC Limited shares on the TSX; and
- Enhancing community and social commitments
CNOOC Limited Enters Into Definitive Agreement To Acquire Nexen Inc.
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