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Cnooc Ltd. (883) will soon apply to the Canadian government for approval of its $15.1 billion bid for Nexen Inc. (NXY), Industry Minister Christian Paradis said, which will start a 45-day review period for the transaction.
“I understand that Cnooc will present an application shortly,” Paradis told reporters in Ottawa today. “I can’t speculate more than this.”
Under Canadian law, Paradis will have 45 days to make a decision on the merger, and can extend that deadline by another 30 days if more information is needed.
“As the prime minister said very clearly yesterday, we cannot prejudge on any case,” Paradis said. “We will scrutinize the case very closely and it has to be for the net benefit of this country.”
Paradis said yesterday in Montreal that “a review is ongoing” of the merger. A spokesman for Cnooc, Peter Hunt, said in an e-mail today the application has not yet been submitted.
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