Cnooc’s $18bn takeover of Canada’s Nexenhas been resubmitted to US regulators for approval, an un-usual step that resets the clock on a deal that is set to be China’s largest outbound acquisition.
State-owned Cnooc, China’s biggest offshore oil company, is waiting for the green light for the Nexen deal from authorities in Canada, the US, the EU and China. Regulators in Canada are expected to announce a decision by December 10.
Nexen said the companies had withdrawn and resubmitted their application to the Committee on Foreign Investment in the US by “mutual agreement” with the committee, without offering a reason, in a statement late on Tuesday.
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