The Wall Street Journal reported that both Nexen Inc. (TSX:NXY,NYSE:NXY) and CNOOC Ltd. (NYSE:CEO) believe that CNOOC’s $15.1 billion takeover offer for Nexen will go through by the fourth quarter of this year.
As quoted in the market news:
Nexen’s comments came with the release of its third-quarter results, which showed a 71% drop in profits as a result of lower production volumes and higher operation costs.
The Cnooc takeover is currently under review by the Canadian government to determine if it provides a so-called net benefit to the country’s economy. The government recently extended its review period to early November, and has suggested it could be extended further.