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Nexen/CNOOC Deal Approved
According to Reuters: "Canadian authorities have approved the acquisition of Nexen Inc by China's CNOOC Ltd, a source familiar with the matter said on Friday." It appears Canada decided against infuriating Chinese M&A overtures after all, imminent protecetionist political kneejerk reaction notwithstanding.
Watch the full announcement at 5:00 pm after the jump:
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Fucking Harper trash.
Tyler: "All we can say is: Oops Paulson.... Again." Lesson: careful how you call the Ponzi... Again.
Bet that was nice nail biting hour and half ride for many a fund manager.
yes, and those "pennies" they were collecting certainly amounted to something. penywise pound foolish not in this casino, yet...
This is considered to be good news in the Conservative Alberta heartland where the CNOOC Oilsands can now employ Chinese workers for less than their Canadian counterparts.
After all... it's a global labor market now... and unless you can speak Mandarin you are S.O.L. ...
http://www.mining.com/coal-miner-bringing-chinese-workers-to-canada-appe...
unless you have land with energy or food coming out of it, you are SOL.
Dear Canada:
sell out to China, sell everythng to China and then spend $40b on a hundred or so F-35's for your air farce
and in due course the barbarian hordes from south of the 49th will pour across the so called border and rape your women, slaughter your men (in that order) and plant old glory on every fresh water lake, oil soaked acre and Chinese owned infrastructure kooo rooooook coo coo, kooo rooooook coo coo
dumb bastards
http://www.peopleofwalmart.com/photos/
As a Canadian I must say that this decision is just sickening beyond belief.
Treasonable is the word that comes to mind.
Get out of your momma's basement a get a job ya goof
Without chinese USD toilet paper we would never develop these properties.
The americans are broke and russian house whores now
The british are well the fucking british and good for nothing but cat food.
The only people with cash left are chinos and indofuckinesians.
So shut the fuck up
I agree. Market diversification is a matter of national security. This is VERY SMART. Give Harper full points for cutting through the "Don't produce or sell anything" and the "Don't sell to anyone but America" lobbies. Wish more deals could be scored with more trade partners.
It is significant that Harper lobbied so hard for the "Trans Pacific Partnership" only to see it fall flat due to America's involvement.
I don't think ASEAN will hold it against Canada.
There is a significant difference between selling a resource (oil, gas, lumber, grain, etc.) to another country, and selling the control of production to them. I am surprised you don't see that.
Don't be surprised. I'm well aware. Most is presently in the hands of American firms.
Really, Why?
From Quebec maybe? Can't figure out how to get your cut?
Nope. Actually we live in the west, are not pro-union, and are both social and fiscal small-c conservatives.
I am against this deal because we are selling to a state-owned/controlled company that is in a communist country with one of the worst human rights records anywhere.
You don't sell control of your resources to another sovereign state - especially when that state has interests that are directly against your own.
This is all about money with a very short-term perspective.
And personally, I would rather have a lower standard of living (measured in material terms), and civil and religious liberty, than the other way around.
If you are not pro-union then you a treasonous evil enemy that needs to be treated as a terrorist and killed in time.
China is our friend!
End of argument!
- The Freedom loving free speech boasting Royal Kanadian
Chairman Harper has spoken. Left in the hands of the federal and alberta government and the chinese government, everything west of Manitoba will be an environmental toilet within 20 years.
The sun never sets on the chinese empire
Why? because your union didn't get there first?
Don't have one (unless you are referring to my marriage). I have been self-employed for the past 20 years.
This sale is ethically and morally wrong on more than one level.
Don't sweat it. Nobody gets to keep it long. Diesel supplies in the tar pits (and across Canada) are continiously running short. For an Oil mining operation that equals no mining. The whole thing is such a engineering canard.
So true, if they had to make the diesel with the tar sands they would still have to bring diesel in ha!The same ethanol crap, 1.25 gallons of ethanol to make 1.0 gallon of ethanol ha! Both are great energy money losers in the end.
Agreed, calling it oil sands is somewhat fraudulant. It's really dirty sand and gravel. Their investment will be lost.
I've got an idea for the western intelligence agencies (you are reading this board, right?). Create a bunch of phoney companies and sell them to China. Just like they do all the time. Oh, and get them addicted to heroin again.
Give the Chinese a chance. Outside of a full-scale US revolution in which we eliminate the top 600 politicans, the Chinese are the only hope we have of tearing the dollar away from oil. Without the reserve currency, America will get real again.
Why should Canada "give the Chinese a chance"? Aren't Canadian governments supposed to look after the interests of Canadian citizens first?
And even if we are going to ship our resources out, why not at the very least do the refining here?
Don't even get me started on the shipping of prime timber (raw logs) to the USA so they can run it through their decrepit sawmills and charge a tax on imports so they can even compete with Canadian lumber producers.
the americans haven't exactly been good trading partners.. the softwood lumber ripoff and the outright theft of hydro electricity by cali. i can't blame canada for looking for new trading partners.
I agree jack. But Canada needs to stand up for what is right for Canada whether against the Americans or Chinese.
Simply choosing to be abused by a different abuser is hardly a choice for betterment of one's situation.
We could solve the California power rip-off very easily. Cut the power until they pay, or at least start paying.
agreed.. and agreed.
although they are private companies, canada's sovereignty supercedes shareholder rights. (i know that's hard to some people to wrap their minds around). canada is not for sale.
canada should simply list strategic companies that are not for sale, so it is clear to everyone beforehand.
once canada has established competitive markets for their resources, ripoffs by the amerikans (or anyone else) will cease.
Get a job ya puke
You fag british are nothing but chinese hookers. We are Canadians and when we play wargames with you Brits it is quite funny to see you bent over like screaming girls
Besides not only are you bankrupt you are a brit..
Gawd you must hate yourself
We just showed you two tired cultures that capitalism thrives. Go print money and leave the business to us.
http://en.wikipedia.org/wiki/War_of_1812
some history for you earl
The US currently owes China about 3 Trillion, not to mention the unfathomable amount of Chinese ownership of other assets.
The Yanks have voted to become marxist and heat their homes with 'sustainable' energy from unicorn farts.
Don't worry about what Canada's doing, we'll be sending powdered milk south shortly.
I see this as Canada and China setting up trading agreements and telling the US to go sit in the corner...am I wrong?
NAFTA wasn't some NWO globalist/internationalist free trade kumbayah ambition of GHWB, it was strategic energy security (GDP growth) play in light of the Battle of Kuwait and the Tanker Wars, which even BillAry (fresh from the trailer park) saw the wisdom of ratifying upon being handed the keys to the oval office.
It would be interesting to actually know how Bubba & Strategerist Sr.'s personal view of the limited intellectual capacity of the community-organizer-in-chief has changed in light of his latest blunder (despite the fact he already has four years experience playing at that level before the fumble).
certainly no one in Canada or China knew of the outcome prior to the announcement /sarc
Really -- if you're a fund manager and you were bitnig your nails, you're in the wrong line of work.
It's like the old saw: if you can't tell who the fish is at the poker table....
I'm guessing Obama told the Cannucks that Keystone is still dead (from 10/21):
The deal wasn't actually killed, the authority having jurisdiction requested more info, pushing the "new" decision date to after the US election. Any "final" announcements between now and Nov. 6 are subject to immediate revocation based on the outcome of said election.
http://www.zerohedge.com/news/2012-10-21/historic-first-china-begins-oil...
So now all of the HF and MF will make money for their clients so the clients can turn around and send the money back to China.
That is the ponzi you are refering to I take it.
Translated the Canadian dollar is going to shit the bed.
Picture a supply cart loaded with raw materials and energy. The supply cart is now latched onto the Chinese engine which need materials cheap on one side. On the otherside, the US engine also needs it's materials cheap as well. No way China will let it's new toy sell over what China can afford, the US has a lot of business interests here as well and the Canadian reserve numbers are tied deeply to the US reserve numbers.
Two engines pulling in two directions. It stands to reason the engines won't break, I can guess what does though.
I'm still left wondering if the new pipeline to bring the oil to China is going to cross the Pacific or if they are going to get Transocean to drill the shortcut through the center of the earth...
When "something" happens Alaska will be up for grabs.
As far as I know, Cdn oil is captive to the American market. Pipelines go south only.
And only about 25% of Nexens oil originates in Canada.
I'm glad you're a humble man; you have much to be humble for.
google "Northern Gateway".
And what did google have to say?
"The Enbridge Northern Gateway Pipelines Project is a proposal to construct twin pipeline running fromBruderheim, Alberta, to Kitimat, British Columbia. The eastbound pipeline would import natural gas condensateand the westbound pipeline would export bitumen from the Athabasca oil sands diluted with the condensate to the new marine terminal in Kitimat where it would be transported to Asian markets by oil tankers. The project was proposed in mid-2000s and has been postponed several times.
The proposal has been heavily criticized by native groups, as the pipeline would traverse much of their traditional lands and threaten habitat for wild salmon.[2] Groups like the Yinka Dene Alliance have been organized to campaign against the project. In December 2010, 66 First Nations bands in British Columbia, including many along the proposed pipeline route, signed the Save The Fraser Declaration in opposition to the project, and 40 more have signed up in support since that time.[3] The proposal is also opposed by numerous non-governmental organizations (NGOs), citing not only Enbridge's spotty history with pipeline installation and numerous spills [4] but also grave concerns over Tar Sands oil expansion and the associated risks in transportation."
To solve the transporation problems China and its new friend Canada can bring manufacturing to Alberta. Say 2-300 million Chinese with factories, refineries, etc.
Set up shop in Canada. The US has Mesico so Canada can have "Little China". The Chinese have a slave work force but who says they have to physically be in China.
but but what effect will this have on the polar bear?? And I mean Russia.
You truly are an idiot Amerikan.
When you become our slaves then we'll talk until then go get your welfare cheque,
What makes you think the US gets to keep the west coast of North America? Won't happen.
China owns the Pacific now, the US is spread too thin across the globe regardless of technology. This is a logistical problem the US should have seen coming from a mile away.
Canada is just as it seems, 32 million people about to get fucked hard and deep by sitting in the middle of a cream pie..
I wonder how the Chinese will deal with California?
Deal with it?
China has been in California for 150 years.
get a job then you'll understand
I'm sure EKM is well versed on this deal... There is another sharp guy over at Forexlive that's intrepreted this deal brilliantly...
http://www.forexlive.com/blog/2012/12/07/if-you-stuck-around-it-was-wort...
His name is Adam Button... Good job on the reporting. Personally,``` I think Adam and EKM know each other...
Irony.. Cant watch video on my POS iPhone..
All the White Fuck off the land of Canada! Your home is in Europe
You New Zealanders break me up....
I just gave both of you i Pox... Prepare to die bitchez/
WRONG!!!! Europe already belong to arab/asian/black immigrants !!!
Now can we please have a land for ourselves?? Please mister Godly!!
Dear Canada,
Learn Mandarin. English/French will be a thing of the past.
va donc chier criss de salope
Eh, tabernac....
svp faire moi une pipe.
Ni Hao ma?
You don't like the fact that Canada can demand world prices from a different Marxist government than yours?
Wake up if you think this only applies to Canada.
Oh goodie! So how long do we have to wait for someone in Congress to mention the <cough>Monroe<cough> Doctrine <ahem>
until infinity
and funny how these negotiations always take until after market close
Reuters...got the scoop again, lol!
Well...time to invade Canada.
The Keystone Pipeline took care of that for you. The King will starve the 'peoples' back to the table...
Keystone Pipeline, Canadian terminal not approved/ Canadian resourse dept. considering diverting crude to west coast "terminal expansion" to Chinese Energy Cos.
Global News | Pros and cons of the Keystone XL pipeline projectwww.globalnews.ca/pros...cons...keystone...pipeline+project/.../story....
Well...time to invade Canada.
Ah the American hubris.
You would certainly take us out militarily. Be aware that Canada is not Iran. We can have a nuke ready by Tuesday morning. America loses a few cities...for sure. Attack Canada and it won't be the normal war you're used to watching on TV. It will be local. Dark times ahead....but don't think for a second America's nose won't be bloodied by looking North. You guys can't even finish off an uneducated bunch of rabble in Afghanistan. The US is already stretched everywhere in the world and your credit card is full. Canada would be 3,855,100 square miles of pissed off danger.
Since America has been taken over by Marxist's, even joking about invasion is no longer funny. As a capitalist free market, our security will certainly need to be addressed. When you can't trust your neighbours, only a fool would leave the back door unlocked. Who exactly can the US call an ally anymore? Maybe you should start taking stock of yourself.
Adolf Hitler himself was softer than that.
Now what should I do master to have an Independant free nation of Québec??
a new record
http://www.fns.usda.gov/pd/34SNAPmonthly.htm
Will those ETB cards work at MacDonalds?
typical Canada under the current regime, any theoretical port in a storm...as it watches Germany...going, going, going...
Nah, this a "take their money now and nationalize it later" type of deal...
Possession is 10/10ths of international law. The Chinese only 'own' this resource as long as the U.S., erm I mean Canada, says they do.
all rur monee rar rerong tu rus!
You nailed the accent! I am still laughing. Thanks!
I don't get the After Hours trading. Stock drops to recent lows in Reg Hours after announcement, so some of takeover premium was removed on uncertainty. OK.
But stock traded back up $26.80-ish around 4:40. I thought the announcement was sometime after 5:00.
?
Any comment, explanation, trolling welcome.
Are you new? Obviously shareholders got cold feet before the announcement and sold. Then they had their spies in the "closed" meeting happily tweeting and texting the positive mood of a takeover confirmation straight to their friends or their friend's brokers.
I admit, I was tempted to buy on the dip earlier today. It was a done deal. The Canadians are weaker boned than Americans.
America shows BP the door and Canada invites the Communists to the table. The Communists buying with funny money that they've been thrown at by American and European mass consumers. Communists are buying real shit with this funny money. Watch and learn.
Are you writing from a time capsule?
Just who do think the "commies" are chum?
Goin forward, re-orient yourself to the new reality...Merika is the new socialist nirvana...and the chinks got so tired of being done over by the so-called capitalists that they learned themselves up on all the tricks of the trade and have merely outdone the monopolists at their own game...
whose ready to start a trade war over sour grapes?
A balanced approach. thumbs up.
A balanced approach - such a radical idea these days....
Who cares. The Chinese will fuck it up.
Ask Barry when he's going to create thousands of jobs and put Keystone through.
The Brits won't mind if a few bits 'n bobs are installed at CNOOC's newly acquired wellheads in the North Sea will they? They'll only be there to listen to the whales. Promise.
China is our insurance policy incase youse guys down south get any bright ideas see.
nexens assests are largely in north sea, they
didn't buy the company for the lousy property
in AB, they bought it to control the pricing of
North Brent and the mechanisms they now
control by ownership of the LME,
Grow hemp
Word for the day: protecetionist YOU try to pronounce it.
We just sent that fucking commie Obama a holy Canadian fuck you
luv it
Dear Chiswick, maybe it can be best described
as the colonies revenge, first Carney and now
the Mao monsters to control the oil leases of jolly
Ole England. It can't be said you weren't a good
teacher of how to rape and pillage many a people
and land. I wouldn't think you will enjoy your new
oillords but let us know how it's going when petro
is 10/Litre and your black taxi's have Mandarin
on the doors, most very unpolitely
Vas te faire foutre
If Canada is lucky, China will pay them 10 cents for every 100 dollars worth of oil.
For decades the oil sands got very special tax and other treatment at the expense of the tax payers of Canada. Public money to help develop private enterprise. A common story that few "self made men" and captains of industry ever tell. Now it is sold for private profit. Bad enough when huge publicly built infrastructure and industries are sold in country at fire sale prices to private profit, then deregulated to milk the folks that built them. But to allow sales of vital resources like this to foreign interest on top of it all is infuriating. I do not vote to sell out. I do not vote to give away what we have sacrificed to build, when it finally starts turning good profit. This is the worst kind of sellout and shafting of the original investors. Canadian citizens.
Where do we get the capital to exploit these reserves?? Obama? He is so fucking broke his babysitter sued him for non payment of wages.
Get your head out of your union commie ass or go to Amerika where unions are strong and free and leave capitalism where it belongs.
China is the new party house. We'll party there till a new one comes along
Nexen-CNOOC deal approved… que Left-wing sheep rants with no understanding of economics, the company, or the terms.
The Rant: China is taking over our resources.
The Reality: The Alberta government owns all the producing and non-producing leases that Nexen has. Nexen has maybe 1.5 billion barrels of oil equivalents, and the oil sands alone contain over 1500 billion barrels. 90 percent of Nexen's Q3 cash flow came from outside of Canada, so it's only 10 percent "Canadian" resources anyway… Not a huge deal. Anyone in the Financial markets or the Oil and Gas industry knows this is the right decision and will result in increased productivity and job production in Canada. This small stake is not a threat to national security.
The Rant: China is going to take all the jobs and move them to China.
The Reality: Not allowed under the restrictions. More jobs created in Canada due to increased Capital injections.
The Rant: The NDP or Liberals would never do this.
The Reality: No previous Governments have ever blocked a foreign takeover. The Conservatives were the first with the blocking of the Potash deal.
There is a huge amount of ignorance and uneducated opinions on this topic, which is why there is a backlash from lefty loonies. Canadians who understand the full terms and the free market economy should be happy.
The US had a monopoly on our oil and were paying $25.00 per barrel less than world prices. That will end. Maybe the yanks should have thought thru using the Keystone pipeline as a political tool to appeal to the President's anti free market base.
Elections have consequenses. Canada has no intention of following the now marxist USA into the dumper. When you shit on your friends, don't be surprised when they find new friends.
Finally someone with some perspective.
Well said. obama knows NOTHING.
CNOOC is chipping away at Syncrude. Add another 7% to their pot. The real fight will be Gateway.
Yep. This government took a good hard look down the path its southern counterpart is running along at full tilt, and noticed the cliff just beyond the horizon - and the abyss yawning below. This is, in part, an almost desperate attempt to avoid being dragged over that cliff. Drowning men and straws...
Ironic that Canada seems to be tacitly trying to play off the barbarians from afar against the barbarians next door.
Why desperate?
Broadening of your customer base and selling to the highest bidder is standard capitalist free market behaviour.
It's not surprising that Canada's actions seem strange to many in the now redistributionist socialist United States of America. I'd be surprised if we don't soon see US trade barriers, wage and price controls, and asset movement restrictions. After all, isn't that standard economic and political behaviour from leftist govrnments around the world?