M&A Review: Cnooc’s Acquisition Likely To Be OKAYED, Veolia DIVESTS Bus Services
Her are Tuesday’s top mergers and acquisitions:
Cnooc Limited’s (NYSE:CEO) purchase offer for Nexen, Inc. (NYSE:NXY) is likely to reward traders by getting Canadian approval, according to Bloomberg. The 66 percent windfall to NXY’s 20-day share average is more than twice the industry average, and only around 30 percent of Nexen’s production comes from Canada, so regulators should not reject the deal because it would not provide a “net benefit” to the country.
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The French group Veolia Environnement (NYSE:VE) is a part-owner in Veolia Transdev’s eastern European bus services, which will be put up for auction with preliminary offers due Thursday, according to Reuters. The former hopes that the sale of its 50 percent interest will help it divest €5 billion worth of assets by next year, as it seeks to reduce debt.
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