_News Talk 770
A US senator looking to block the chinese company CEE-NOC from taking over calgary based Nexen as a means to press China on its trade policy. The deal needs approval from American regulators because although Nexen is based in canada, it has offshore holdings in the country's Gulf of Mexico.
Democrat Charles Schummer says he's not against the 15 billion dollar deal on its merits...China's largest ever offshore transaction. But he says the Americans shouldn't pass up an opportunity to exert pressure on China to open up its markets to trading partners.
The friendly deal between Nexen and China National Offshore Oil Co. also needs approval from Investment Canada and the Competition Bureau to go ahead.