This article was last updated on April 16, 2022
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The CEO of Nexen Inc, Kevin Reinhart, stated on Monday that $15.1-billion takeover deal of Canadian oil producer by China’s CNOOC Ltd is not even near to its completion, regardless of the Canadian government’s approval last week. Reinhart made the brief comment few days after the Canadian federal government allowed the controversial takeover deal to go ahead.
Reinhart was exiting the Calgary business conference on growing economic ties between Canada and Asia, when he stated that “we are nowhere near done, so it’s too early for that.” Reinhart did not only abstain from commenting on the governments’ decision, which came after months of scrutiny. But he also refused to provide any information about what is to be expected of the deal and how soon is it likely close. Reinhart excused himself by alleging that “It’s in the press release, so that’s all I’m going to say.”
In the press release, made public on the same day, Nexen and CNOOC collectively declared that the deals’ closing is left to “the receipt of other applicable government and regulatory approvals, and the satisfaction or waiver of the other customary closing conditions.” The companies have previously mentioned in November, that they withdrew and resubmitted an application for U.S. approval of the takeover, which is necessary since Nexen has assets in the Gulf of Mexico. They announced that negotiations with the Committee on Foreign Investment in the United States, CFIUS, are in progress, “with a view to completing the CFIUS review process as expeditiously as possible.”
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