The National Development and Reform Commission said Friday on its website that it had approved in December China National Offshore Oil Corporation (CNOOC)'s acquisition of Canadian oil company Nexen, China's largest overseas takeover ever with a value of $15.1 billion.
The takeover was approved by Industry Canada, Canada's ministry responsible for investment, on December 8, 2012, but it still needs approvals from the US and the UK, since Nexen owns important properties in those two countries.
The takeover will be accomplished as early as the first quarter of 2013, according to an executive at CNOOC's investor relations department.
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