(EnergyAsia, July 24 2012, Tuesday) — China's largest offshore oil company has agreed to purchase Canada's Nexen Inc for US$15.1-billion in the biggest takeover of a Canadian firm by an Asian company. (US$1=C$1.02). In an all-cash deal, CNOOC Ltd will pay US$27.50 per share for a 66% premium to Nexen's 20-day volume-weighted average on the NYSE. The share price of Canada's 12th largest oil and gas company, which has struggled to grow its recent 213,000 b/d production, closed at US$17.06 last Friday. The cash pay-out will cover Nexen's common and preferred shares, as well as its current debt of approximately US$4.3 billion. Having secured the unanimous approval of the Nexen and CNOOC Limited boards, the proposed deal must clear the approval of regulators and shareholders of both companies if it is achieve completion in the fourth quarter.