Government approves CNOOC-Nexen and Petronas-Progress takeover bids

OTTAWA — Canada is open for business and foreign investment — but is not for sale — the Harper government declared Friday in approving CNOOC’s $15.1-billion takeover of Nexen, while warning that state-owned enterprise takeovers of oilsands companies will only be permitted on “an exceptional basis only.”

In announcing its approval of the CNOOC-Nexen transaction, the Conservative government introduced a series of grittier rules for acquisitions of Canadian companies by state-owned enterprises.

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