Some experts fear other foreign investors may take pause if the federal government blocks the proposed takeover of Calgary's Nexen by the China National Offshore Oil Corp.
Photograph by: Reuters , The Canadian Press
The Harper government is buying itself some more time to deal with a political hot potato.
It is extending its review of the controversial $15.1-billion bid by a Chinese state-owned company to acquire Calgary-based oil and gas producer Nexen Inc.
Industry Minister Christian Paradis says the Investment Canada Act review of the proposed purchase has been extended until Dec. 10.
He says extensions under the Act are not unusual and can again be prolonged with the consent of the acquiring company, in this case China National Offshore Oil Co.
It is extending its review of the controversial $15.1-billion bid by a Chinese state-owned company to acquire Calgary-based oil and gas producer Nexen Inc.
Industry Minister Christian Paradis says the Investment Canada Act review of the proposed purchase has been extended until Dec. 10.
He says extensions under the Act are not unusual and can again be prolonged with the consent of the acquiring company, in this case China National Offshore Oil Co.
Read more: http://www.thestarphoenix.com/Nexen+review+pushed+back/7493203/story.html#ixzz2BAyHsblG
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