The deal, said to be valued at $15.1 billion, comes after CNOOC offered to pay $27.50 per share for the company in July, a 60 percent premium on its share price at the time. Once approved the deal will be China’s largest foreign business takeover.
"The offer is a compelling one and offers benefits for all of Nexen's stakeholders, including employees and communities," CNOOC spokesman Peter Hunt was quoted as saying.
CNOOC, which is China's biggest offshore oil producer, has made commitments to ensure the Canadian authorities that the deal will bring benefit to the country.
It has said that it will retain Nexen employees and make Nexen's Calgary office as its headquarters for North and Central America. It has also offered to list shares on the Toronto Stock Exchange.
