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FACTBOX-CNOOC and Petronas commitments in takeovers

Source: Thomson Reuters Foundation - Sat, 8 Dec 2012 00:42 GMT
Author: Reuters
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Dec 7 (Reuters) - Canadian Industry Minister Christian Paradis said on Friday China's CNOOC Ltd made commitments to Ottawa in its bid to buy Nexen Inc and Malaysia's Petronas did the same in its bid for Progress Energy Resources Corp.

In announcing approval of the takeovers, his characterization of what he called "significant commitments" used the same language for both foreign buyers:

- on governance, including commitments on transparency and disclosure;

- on commercial orientation, "including an adherence to Canadian laws and practices, as well as free market principles;"

- on employment and capital investments, "which demonstrate a long-term commitment to the development of the Canadian economy;"

In addition, the statement on CNOOC (http://news.gc.ca/web/article-eng.do?m=%2Findex&nid=711499) said the Chinese company would be required to file an annual compliance report to Industry Canada on its undertakings.

For the statement on Petronas, click on: http://news.gc.ca/web/article-eng.do?m=%2Findex&nid=711509 . (Reporting by Randall Palmer. Editing by Andre Grenon)

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