CNOOC to buy Nexen in $15 billion deal

  • China's biggest offshore oil producer CNOOC is set to buy Canadian rival Nexen in a $15.1 billion deal.

    If approved, the deal would mark China's largest foreign business takeover.

    State oil firm CNOOC has offered to pay $27.50 cash per share for Nexen, 60 percent higher than Friday's closing price.

    The board of Nexen has approved the deal but the Canadian government must also clear the takeover.

    CNOOC, which already operates several joint ventures with Nexen, said the deal would increase its oil reserves by 30 percent.