Ottawa approves foreign takeover bids for Nexen and Progress

Both companies are owned by Chinese and Malaysian governments respectively.

Nexen's Long Lake Tank Farm in north eastern Alberta (Photo: Dave Olecko/Nexen)

Canadianbusiness.com

The Canadian government has approved two major energy takeover deals by state-owned Asian corporations, giving the greenlight to CNOOC's $15.1-billion bid for Calgary's Nexen Inc. and Petronas's $5.23-billion deal for Progress Energy Resources Corp.

Also CNOOC's bid for Nexen a sign of China's future >>