Some 99 per cent of common shareholders voted in favour of CNOOC's $27.50-per-share cash offer, and 87 per cent of preferred shareholders did so.
Because of the premium that CNOOC was offering, shareholder approval was largely a formality. But the $15.1-billion takeover still requires approval by the Canadian government under the Investment Canada Act.
Regulators are tasked with ensuring that the deal meets the nebulous "net benefit" test that tripped up BHP-Billiton's hostile takeover bid for Potash Corporation of Saskatchewan.
Government regulations require a ruling on the deal by mid-October, but that could be pushed back into November if necessary.
Concerns have been raised by Alberta Tory MP Ted Menzies who has said he's been getting a lot of negative feedback from constituents about the takeover by a state-owned Chinese firm.
Prime Minister Stephen Harper has also said that China needs to show its state-run enterprises can be trusted to play by the same rules as Canada.
Nexen has offshore oil and gas assets around the world, as well as a stake in the Long Lake oilsands project in Alberta and shale gas operations in B.C.
Original Article
Source: CBC
Author: cbc
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