China’s State owned sea crude producer CNOOC, is going public in Canada. On Wednesday, the trading of the company’s American Depositary Receipts started on the Toronto stock exchange.
CNOOC Ltd, China’s top offshore oil explorer, began trading on the Toronto Stock Exchange on Wednesday, by offering American Depositary Receipts. In doing so, CNOOC is fulfilling a promise. The promise was made to win Canadian approval for the company’s 15 billion US-DOLLAR-acquisition of Nexen in February.
"Trading in Toronto bourses offers us better options on shareholder base, trading location and currency selection." Li Fanrong, CNOOC Chief Executive Officer said.
Each depositary receipt represents 100 common shares, trade under the symbol "CNU". CNOOC said the ADRs are the same as those traded on the New York Stock Exchange but are priced in Canadian dollars.
Listing on Canada’s premier exchange was one of the promises CNOOC made to win Canadian approval of its contentious takeover of Nexen, one of Canada’s largest oil producers. Canada’s Conservative government approved the deal after months of wrangling, but ruled out future acquisitions of oil sands producers by state-controlled companies.
CNOOC Ltd, China’s top offshore oil explorer, began trading on the Toronto Stock Exchange on Wednesday, by offering American Depositary Receipts. In doing so, CNOOC is fulfilling a promise. The promise was made to win Canadian approval for the company’s 15 billion US-DOLLAR-acquisition of Nexen in February.
"Trading in Toronto bourses offers us better options on shareholder base, trading location and currency selection." Li Fanrong, CNOOC Chief Executive Officer said.
Each depositary receipt represents 100 common shares, trade under the symbol "CNU". CNOOC said the ADRs are the same as those traded on the New York Stock Exchange but are priced in Canadian dollars.
Listing on Canada’s premier exchange was one of the promises CNOOC made to win Canadian approval of its contentious takeover of Nexen, one of Canada’s largest oil producers. Canada’s Conservative government approved the deal after months of wrangling, but ruled out future acquisitions of oil sands producers by state-controlled companies.
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