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Highly commended Asian deal of the year 2013: CNOOC/Nexen

CNOOC/Nexen $6 billion acquisition
Financial advisers Citi for CNOOC; Goldman Sachs, RBC for Nexen
return to the Deals of the Year 2013 index

Announced in July 2012, this high-profile deal by CNOOC, the world’s largest independent oil exploration and production company, to acquire Nexen closed in February last year. The deal is the largest ever acquisition of a foreign target by a Chinese company and was three times oversubscribed, with over $18.1 billion of commitments received. Citi advised CNOOC, acting as sole coordinating bank on the $6 billion term loan facility, while Goldman Sachs and RBC advised Nexen.

Under the terms of the agreement, CNOOC acquired all outstanding shares in Nexen for $27.50 per share. This represented a 61% premium to Nexen’s closing price on February 20 2012 and a 66% premium to Nexen’s 20 trading-day volume weighted average price. The total transaction value was C$ 19 billion ($17.1 billion).

In reported comments on the transaction, Peter Harder, president of the Canada-China Business Council, said: “This deal represents a very sophisticated, mature transaction.

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