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Nexen Acquired For More Than $15 Billion By CNOOC
- Client News
- February 27, 2013
As has been widely reported in several media outlets, including The New York Times, the Wall Street Journal and the Financial Times, Paul, Weiss client Nexen Inc. (Nexen), a Canada-based global energy company with operations in the UK, Canada, Nigeria, the United States and elsewhere, was acquired for more than $15 billion by CNOOC Ltd., China's state-owned offshore oil and gas company. Under the terms of the transaction, which will see TSX- and NYSE-listed Nexen go private, CNOOC acquired all of Nexen's outstanding common shares for $27.50 per share in cash, a premium of 61 percent to the closing price on the NYSE immediately prior to the announcement of the acquisition. The transaction was subject to a number of sensitive regulatory approvals in several different jurisdictions, including Investment Canada in Canada and CFIUS in the United States.
The Paul, Weiss team was composed of lawyers from four different offices including corporate partners Andrew Foley, Adam Givertz, Edwin Maynard and Robert Schumer and counsel Stephen Centa, Richard Elliott and Didier Malaquin; employee benefits partner Lawrence Witdorchic; and tax partner David Sicular.