Nexen, CNOOC extend takeover deadline by 30 days, awaiting U.S. approval

CALGARY – The closing date of Chinese oil giant CNOOC’s US$15.1-billion takeover of Calgary-based oil and gas producer Nexen has been extended by 30 days to March 2.

Nexen (TSX:NXY) announced Sunday the two companies agreed to extend the deadline as they were still awaiting U.S. regulatory approval.

However, it stressed that the closing can only be extended a maximum of 75 business days beyond the original deadline of Jan. 31.

The federal government approved the takeovers in December. China, Britain and the European Union have also given their go ahead for the agreement.

But U.S. approval is needed to complete the deal because Nexen has operations in the Gulf of Mexico.

Nexen, meantime, says it will postpone the release of its fourth-quarter and annual results because of the delay.