CNOOC-Nexen deal

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.

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Business Digest, October 12, 2012

PUBLISHED : Friday, 12 October, 2012, 12:00am
UPDATED : Friday, 12 October, 2012, 3:00am

Canada extends review of CNOOC bid for Nexen

Canada said it is extending its review of CNOOC's US$15.1 billion takeover of Nexen for 30 days to undertake a "thorough and careful" assessment. Canada's foreign takeover law specifies transactions must have a "net benefit" for the country to win approval. "Extensions to the review period are not unusual," Industry Minister Christian Paradis said yesterday. Bloomberg


Cheung Kong plans to spin off four hotels

Li Ka-shing's flagship, Cheung Kong (Holdings), says it has submitted an application to Hong Kong Exchanges and Clearing to spin off and list on the main board four extended-stay hotels under its subsidiary Horizon Hospitality. They are the Horizon Suite Hotel in Ma On Shan, the Harbourfront Horizon All-Suite Hotel and Harbourview Horizon All-Suite Hotel in Hung Hom, and the Apex Horizon in Kwai Chung, with a total of 4,833 suites and a gross rental area of about 3.32 million square feet. Eric Ng


Softbank eyes majority stake in Sprint Nextel

Japan's No 3 mobile carrier, Softbank, is in talks to buy a majority stake in Sprint Nextel, the third-largest US carrier, for more than 1 trillion yen (HK$99.2 billion), a source with direct knowledge of the matter said. Sprint said it was in talks with Softbank on a "potential substantial investment" that could involve a change in control. It said there was no assurance of a sale. Reuters


ICAC charges five with conspiracy to bribe

Choy Ping-fai, ex-president of China Environmental Resources, formerly known as Benefun International, and four other business people have been charged by the Independent Commission Against Corruption for allegedly conspiring between 2008 and 2010 to offer advantages of over HK$100 million to former Benefun chairman Tan Sim-chew as a reward for Tan to cause Benefun to buy a plantation in Xinjiang for HK$500 million. The five were released on bail pending a court appearance today. Eric Ng


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Business Digest, October 12, 2012

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