CNOOC may need to boost investments in Canada to secure government approval for its US$15.1 billion takeover of Nexen. Two key areas of negotiation will probably be capital spending and employment, said a person with knowledge of the talks between the company and the government. The state-owned oil producer might also be asked to accept conditions regarding transparency and financial disclosure, said a person familiar with the matter. Canada is reviewing the bid under its law governing foreign takeovers. Industry Minister Christian Paradis, who is conducting the review, "will take the time required to carefully examine this proposed transaction to determine whether it is likely to be of net benefit to Canada", his director of communications said. Bloomberg
Wuhan Iron & Steel agreed to buy ThyssenKrupp's tailored blanks division, marking China's entry into German steel-rolling as it seeks to meet growing demand from carmakers. The tailored blanks unit, which supplies body systems for cars, has two of its 13 plants in Germany. Terms of the deal were not disclosed. It "underlines the strategy of the Chinese to get to know processes and work flows to acquire knowledge of high-quality processes," Hamburger Sparkasse analyst Ingo Schmidt said. Bloomberg