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
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