08/29/2012 12:43 EDT | Updated 10/29/2012 05:12 EDT

CNOOC-Nexen Takeover Bid Review Has Begun, Says Paradis


CALGARY - Ottawa has kicked off its review of China National Offshore Oil Co.'s $15.1-billion deal to buy Calgary-based Nexen Inc.

Industry Minister Christian Paradis says CNOOC has filed its application and he's conducting a review of the proposed acquisition.

The review will take 45 days initially, but can be extended by 30 days or more.

In reviewing foreign takeovers, the minister must decide whether the deal would be of net benefit to Canada.

The Competition Bureau is also conducting its own review.

Nexen (TSX:NXY) and CNOOC announced their friendly deal on July 23 after two months of negotiations.

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