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Canada’s approval of two Asian takeovers valued at $20 billion may spark more foreign acquisitions of natural gas producers in the country while capping state-owned control of Alberta’s oil sands.
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The Chinese economy is only just coming to scale and will have $1 trillion to $2 trillion to invest abroad over the next five to 10 years according to some estimates, said Wenran Jiang, director of the Canada-China Energy & Environment Forum.
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International investors including Exxon Mobil Corp. are favoring natural gas over oil sands acquisitions in Canada as the less-expensive way to supply Asian markets.
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The helicopter swooping over once- pristine spruce forests provides a close-up view of why the province of Alberta, Canada, is among the planet’s most coveted -- and contested -- petroleum hot spots.
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Canada plans to ask China to allow several transactions in exchange for approval of state-owned Cnooc Ltd.’s $15.1 billion bid for Nexen Inc., said a person with knowledge of the matter.
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Canada’s review of Cnooc Ltd.’s $15.1 billion bid for Nexen Inc. is a “litmus test” for Canada’s willingness to accept Chinese investment, said Howard Balloch, 61, chairman of the Asian division of investment bank Canaccord Genuity Corp.
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The Canadian review of Cnooc Ltd.’s $15.1 billion bid for Nexen Inc. triggered calls for simpler foreign-investment rules as government-controlled Chinese companies account for a rising share of Asian takeovers.
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Bank of Nova Scotia is still waiting to close its purchase of Bank of Guangzhou, seven months after Prime Minister Stephen Harper raised the issue with China’s Premier Wen Jiabao. The delay is weighing on Harper as he considers Cnooc Ltd.’s $15.1 billion bid for Nexen Inc.
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Cnooc Ltd. agreed to pay $15.1 billion in cash to acquire Canada’s Nexen Inc. in the biggest overseas takeover by a Chinese company.
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Cnooc Ltd.’s $15.1 billion cash takeover bid for Nexen Inc. signals a Canadian shift toward China and away from the U.S. as the nation’s traditional oil and natural-gas partner and main export market.
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