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Wiley Rein’s Nova Daly Discusses Cnooc-Nexen Deal in BNN Interview

Business News Network
December 4, 2012

Nova Daly, a public policy consultant in Wiley Rein’s International Trade Practice, was interviewed by Canada’s Business News Network (BNN) on November 30 for a televised segment on the U.S. review of Cnooc Ltd.’s proposed $15 billion acquisition of energy company Nexen Inc.

The deal between Cnooc, a Chinese state-owned (SOE) oil producer, and Calgary-based Nexen requires approval by Canadian regulators and the U.S. Treasury Department’s Committee on Foreign Investment in the United States (CFIUS), according to the report.

The U.S. review will focus on the national security implications of Cnooc acquiring Nexen’s assets in the Gulf of Mexico, said Mr. Daly, a former Treasury Deputy Assistant Secretary for CFIUS. He predicted that the deal ultimately will win regulatory approval in the U.S. and Canada.

“It’s just a matter of the parties dealing with some of the conditions both governments may be doing and being willing to accept those conditions,” Mr. Daly told BNN.