Canadians oppose Chinese takeover of energy firm

Agence France-Presse

5:55 am | Wednesday, October 17th, 2012

Nexen headquarters PHOTO FROM NEXENINC.COM

OTTAWA—Nearly six in 10 Canadians believe their industry minister should block the proposed takeover of Calgary-based oil and gas company Nexen by China’s state-owned CNOOC, a poll showed Tuesday.

Federal Industry Minister Christian Paradis is expected to pass judgment on the $15.1 billion (11.5 billion euro) takeover bid on the basis of whether it provides a net benefit to Canada under investment laws.

The Angus Reid online public opinion survey of 1,000 Canadians found that 58 percent of respondents believe the Canadian government should nix the takeover, while only 12 percent said it should be allowed.

The majority fear that CNOOC [China National Offshore Oil Corp.], would have a competitive advantage over public companies or believe foreign governments should not be able to control resources on Canadian soil.

The proposed takeover would be China’s largest foreign investment and its largest energy deal, according to data firm Dealogic.

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Tags: Canada , China , CNOOC , company , Energy , Nexen , poll , takeover

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