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The Globe and Mail

CNOOC completes $15.1-billion takeover of Nexen

A Nexen oil sands facility seen from a helicopter near Fort McMurray, Alta., Tuesday, July 10, 2012.


Chinese state-owned firm CNOOC Ltd. has completed its $15.1-billion (U.S.) takeover of Calgary oil and gas producer Nexen Inc.

Kevin Reinhart, who had been serving as interim CEO, will continue on in the top job.

CNOOC Ltd. CEO Li Fanrong will serve as chairman of Nexen's new board of directors.

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All of Nexen's existing assets as well as CNOOC's North and Central American operations will be managed out of Nexen's Calgary headquarters.

Nexen shares are expected to be delisted from the Toronto Stock Exchange in a few trading days.

The deal gives CNOOC control over assets in the oil sands, B.C. shale gas resources, the North Sea, West Africa and the Gulf of Mexico.

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