Nexen/CNOOC Deal Approved

Tyler Durden's picture


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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Fri, 12/07/2012 - 17:46 | 3044028 lolmao500
lolmao500's picture

Fucking Harper trash.

Fri, 12/07/2012 - 17:53 | 3044041 vast-dom
vast-dom's picture

Tyler: "All we can say is: Oops Paulson.... Again." Lesson: careful how you call the Ponzi... Again.

Fri, 12/07/2012 - 17:54 | 3044056 Stackers
Stackers's picture

Bet that was nice nail biting hour and half ride for many a fund manager.

Fri, 12/07/2012 - 17:55 | 3044062 vast-dom
vast-dom's picture

yes, and those "pennies" they were collecting certainly amounted to something. penywise pound foolish not in this casino, yet...

Fri, 12/07/2012 - 18:08 | 3044084 ZerOhead
ZerOhead's picture

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. ...

Fri, 12/07/2012 - 20:19 | 3044418 AldousHuxley
AldousHuxley's picture

unless you have land with energy or food coming out of it, you are SOL.

Fri, 12/07/2012 - 22:15 | 3044692 Earl of Chiswick
Earl of Chiswick's picture

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


Fri, 12/07/2012 - 22:45 | 3044770 Deo vindice
Deo vindice's picture

As a Canadian I must say that this decision is just sickening beyond belief.

Treasonable is the word that comes to mind.

Fri, 12/07/2012 - 22:50 | 3044775 mogul rider
mogul rider's picture

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

Fri, 12/07/2012 - 23:53 | 3044910 Lore
Lore's picture

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. 

Sat, 12/08/2012 - 12:44 | 3045469 Deo vindice
Deo vindice's picture

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.

Sat, 12/08/2012 - 18:54 | 3046032 Lore
Lore's picture

Don't be surprised. I'm well aware. Most is presently in the hands of American firms.

Sat, 12/08/2012 - 08:05 | 3045243 Doowleb
Doowleb's picture

Really, Why?

From Quebec maybe? Can't figure out how to get your cut?

Sat, 12/08/2012 - 12:15 | 3045463 Deo vindice
Deo vindice's picture

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.

Sun, 12/09/2012 - 10:54 | 3046765 Crooks
Crooks's picture

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

Sat, 12/08/2012 - 08:07 | 3045247 onthesquare
onthesquare's picture

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

Sat, 12/08/2012 - 09:49 | 3045308 mogul rider
mogul rider's picture

Why? because your union didn't get there first?

Sat, 12/08/2012 - 12:19 | 3045467 Deo vindice
Deo vindice's picture

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.

Sat, 12/08/2012 - 13:15 | 3045557 CPL
CPL's picture

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.  


Sat, 12/08/2012 - 13:55 | 3045604 Landrew
Landrew's picture

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.

Sun, 12/09/2012 - 00:59 | 3046487 mkkby
mkkby's picture

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.

Sat, 12/08/2012 - 11:04 | 3045372 Go Tribe
Go Tribe's picture

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.

Sat, 12/08/2012 - 12:43 | 3045508 Deo vindice
Deo vindice's picture

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.

Sat, 12/08/2012 - 13:16 | 3045558 jackinrichmond
jackinrichmond's picture

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.

Sat, 12/08/2012 - 15:23 | 3045758 Deo vindice
Deo vindice's picture

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.

Sat, 12/08/2012 - 17:20 | 3045914 jackinrichmond
jackinrichmond's picture

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.



Fri, 12/07/2012 - 22:56 | 3044785 mogul rider
mogul rider's picture

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.

Sat, 12/08/2012 - 13:12 | 3045553 jackinrichmond
jackinrichmond's picture 

some history for you earl

Sat, 12/08/2012 - 09:42 | 3045301 Doowleb
Doowleb's picture

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.


Sat, 12/08/2012 - 10:57 | 3045366 fonzannoon
fonzannoon's picture

I see this as Canada and China setting up trading agreements and telling the US to go sit in the I wrong?

Sat, 12/08/2012 - 11:22 | 3045395 Urban Redneck
Urban Redneck's picture

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).   

Fri, 12/07/2012 - 18:04 | 3044082 spastic_colon
spastic_colon's picture

certainly no one in Canada or China knew of the outcome prior to the announcement /sarc

Fri, 12/07/2012 - 18:05 | 3044085 idea_hamster
idea_hamster's picture

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....

Sat, 12/08/2012 - 11:25 | 3045401 Urban Redneck
Urban Redneck's picture

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.

Fri, 12/07/2012 - 17:55 | 3044061 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

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.

Fri, 12/07/2012 - 18:11 | 3044086 CPL
CPL's picture

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.

Fri, 12/07/2012 - 18:20 | 3044117 ZerOhead
ZerOhead's picture

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...

Sat, 12/08/2012 - 10:37 | 3045349 CPL
CPL's picture

When "something" happens Alaska will be up for grabs.

Fri, 12/07/2012 - 18:29 | 3044132 A Humble Man
A Humble Man's picture

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.

Fri, 12/07/2012 - 21:20 | 3044568 FrankDrakman
FrankDrakman's picture

I'm glad you're a humble man; you have much to be humble for.

google "Northern Gateway".

Fri, 12/07/2012 - 22:37 | 3044763 A Humble Man
A Humble Man's picture

And what did google have to say?

Sat, 12/08/2012 - 04:19 | 3045141 Ajas
Ajas's picture

"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."

Sat, 12/08/2012 - 08:16 | 3045249 onthesquare
onthesquare's picture

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.

Sat, 12/08/2012 - 08:50 | 3045266 overmedicatedun...
overmedicatedundersexed's picture

but but what effect will this have on the polar bear?? And I mean Russia.

Sat, 12/08/2012 - 09:51 | 3045304 mogul rider
mogul rider's picture

You truly are an idiot Amerikan.

When you become our slaves then we'll talk until then go get your welfare cheque,

Sat, 12/08/2012 - 10:35 | 3045347 CPL
CPL's picture

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..

Sat, 12/08/2012 - 11:08 | 3045377 Go Tribe
Go Tribe's picture

I wonder how the Chinese will deal with California?

Sat, 12/08/2012 - 13:01 | 3045534 CPL
CPL's picture

Deal with it?


China has been in California for 150 years.

Sat, 12/08/2012 - 09:42 | 3045302 mogul rider
mogul rider's picture

get a job then you'll understand

Fri, 12/07/2012 - 17:52 | 3044039 Yen Cross
Yen Cross's picture

  I'm sure EKM is well versed on this deal... There is another sharp guy over at Forexlive that's intrepreted this deal brilliantly...

  His name is Adam Button... Good job on the reporting.  Personally,``` I think Adam and EKM know each other...

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