09:49 AM EST - Nexen Inc. : announced today that they have entered into a definitive agreement under which CNOOC Limited will acquire all of the outstanding common shares of Nexen for $27.50 U.S. per share in cash. The purchase price represents a premium of 61% to the closing price of Nexen's common shares on the NYSE on July 20, and a premium of 66% to Nexen's 20 trading-day volume-weighted average share price. Total cash consideration of approximately $15.1 billion U.S. will be paid for Nexen's common and preferred shares, and Nexen's current debt of approximately $4.3 billion U.S. will remain outstanding. The transaction, which will be completed by way of a plan of arrangement, is expected to close in the fourth quarter of 2012. Nexen Inc.
shares T.NXY are trading up $9.32 at $26.61.
