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Nexen to be acquired by CNOOC for US$15.1 billion

CALGARY – Oil and gas producer Nexen Inc. has agreed to be acquired by a Chinese offshore oil company for US$15.1 billion cash.

The Calgary-based firm will be purchased by CNOOC Ltd. in an all-cash transaction worth $27.50 per Nexen share.

That’s a 66 per cent premium over the 20-day weighed volume average of Nexen shares (TSX:NXY).