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CNOOC

China National Offshore Oil Corporation (CNOOC) is the third-largest national oil company in China, after CNPC (parent of PetroChina), and China Petrochemical Corporation (parent of Sinopec). It focuses on exploration and development of crude oil and natural gas offshore of China. CNOOC Group is owned by the government, and its subsidiary, CNOOC Ltd is listed in Hong Kong. Another subsidiary, China Oilfield Services, is listed in Hong Kong and New York. In July 2012, CNOOC announced an agreement to acquire Nexen, a Canadian oil and gas company, for approximately US$15.1 billion.

BusinessChina Business

Briefs, September 29, 2012

PUBLISHED : Saturday, 29 September, 2012, 12:00am
UPDATED : Saturday, 29 September, 2012, 2:31am

CNOOC may need to sweeten Nexen deal

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 Steel snaps up German manufacturer

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

 

Medical device maker buys Chinese firm

Medtronic, the world's largest stand-alone maker of medical devices, will buy orthopaedic device maker China Kanghui to enter the Chinese medical device market. Medtronic said it would pay US$816 million in cash or US$30.75 per American depositary share, a 22.5 per cent premium to Kanghui's closing price on Thursday on the New York Stock Exchange. Reuters

 

Geely recalls 55,000 cars sold on mainland

Geely Automobile, whose parent Zhejiang Geely took over Volvo in 2010, said it was voluntarily recalling about 55,018 vehicles for defects in fuel boxes. The cars are Kingkong and Jin Ying models produced and sold on the mainland between January 3, 2009, and November 30 last year. Geely's Hong Kong-listed shares closed up 1.73 per cent, outperforming the Hang Seng Index's 0.38 per cent gain. Reuters

 

Chalco drops bid for Mongolian stake

Aluminum Corp of China said it dropped plans to buy a 29.9 per cent stake in Mongolian coal exporter Winsway Coking Coal, the second failed acquisition this month. The agreement was terminated by both parties for lack of approval by governments and regulators, China's biggest aluminium producer, known as Chalco, said in a statement issued through Hong Kong's stock exchange. Mongolia passed a law this year restricting foreign state-owned companies from controlling key assets. Bloomberg

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