China's CNOOC says to buy Canada's Nexen for $15.1 billion

"The aggregate value of the consideration of the proposed acquisition is approximately $15.1 billion (approximately HK$117.2 billion), and is to be payable in cash," CNOOC said in a statement filed on the Hong Kong stock exchange.

"The current indebtedness of Nexen of approximately $4.3 billion (approximately HK$33.6 billion) will remain outstanding. The company intends to fund the proposed acquisition through existing cash resources and external financing."

For the full statement, please click on: http://www.hkexnews.hk/listedco/listconews/sehk/2012/0723/LTN20120723422.pdf

(Reporting by Lee Chyen Yee; Editing by Chris Lewis)

Source: http://www.ibtimes.com/articles/20120723/chinas-cnooc-says-to-buy-canadas-nexen-for-15billion.htm

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