Israel Open To Canadian Proposal, Cnooc/Nexen Again: M&A Recap
The government of Israel would consider Potash Corporation’s (NYSE:POT) proposed purchase of Israel Chemicals (ISCHY.PK) at the time the Canadian company makes a formal request, according to the finance ministry over the weekend. Just a couple of days prior to this, the ministry indicated that it’s not considering the deal because of “professional reservation.”
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The saga goes on: Once again, Canada has lengthened its review of Cnooc Limited’s (NYSE:CEO) $15.1 billion bid to buy Nexen (NYSE:NXY) by one month, this time to December 10th. This current extension allows the government extra time to set up guidelines for dealing with foreign purchases of Canadian firms, which it wants to announce concurrently with its ruling on Nexen. In the meantime, Prime Minister Stephen Harper says that Canada would block foreign takeovers if the involved countries aren’t sufficiently open to Canadian investment.
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