[Newsbot]

Title: AFP: China's CNOOC to buy Canada's Nexen for $15.1 bn
Category: Business
Posted By: saturn_656
Date: 2012-07-23 07:02:19
Canadian

[saturn_656]

I suppose now we find out if Beijing has Harper by the balls.

[BartSimpson]

This is not good. Next up the Chinese will be claiming rights in Canada like they're doing in the South China Sea.

[bootlegga]

Foreign investment is foreign investment isn't it?

Does it really matter who pays $15.1 B for Nexen? Either way, the oil is here, the money is here and they have to operate by our rules, not theirs.

[saturn_656]

One can't look at CNOOC and see a oil multinational like Shell or Exxon.

CNOOC is a state owned corporation, which gets its marching orders from the People's Republic of China.

This move should be looked at with a critical eye. Their bid for U.S. based Unocal was also largely rejected based on CNOOC's ownership "situation".

[saturn_656]

http://www.torontosun.com/2012/08/23/ma ... adas-nexen

$1:

OTTAWA - Nearly six in 10 Canadians say the Harper government should spike a bid by a company owned by China's communist government to snap up one of Canada's biggest oil and gas producers, says a new poll.

Earlier this summer, CNOOC Ltd., the Chinese state-owned oil company, offered to pay $15.1 billion for all of the shares of Nexen of Calgary.

It is the largest proposed takeover made by any Chinese company anywhere in the world.

The poll, commissioned by Sun News Network and done by Abacus Data, shows that Canadians in all regions of the country and from all political backgrounds think the advance from CNOOC (generally pronounced sea-knock) ought to be rejected.

CNOOC made its pitch just weeks after Prime Minister Stephen Harper travelled to China, where he repeatedly told business audiences there that Canada was eager for investment and trade.

And yet Ottawa seems to have been surprised that the Chinese would take Harper up on his invitation so quickly and, apparently, so completely.

Canadians, though, think there's now only one thing for Harper to do: Tell the Chinese they can't own a chunk of the oilsands.

Asked whether the federal government should approve CNOOC's bid for Nexen, 57% said no, 9% said it ought to be approved and 34% said they were not sure. Notably, among the 2,099 surveyed, 57% were unaware of CNOOC's bid for Nexen.

Opposition to the deal was strongest in British Columbia, where 63% are opposed to the deal and only 8% approve. Even in Alberta, only 19% are in favour of the deal while 47% are opposed.

Partisans of all stripes are also down on the deal, led by the 73% of Green Party supporters who oppose it.

Even 54% of those who voted for the Harper government in the last election think Harper should spike the deal, while just 16% of Conservatives like it.

Under Canadian foreign investment laws, the deal requires federal government approval.

Under Hong Kong stock exchange rules, CNOOC was supposed to have provided more information on the takeover earlier this month, but CNOOC asked for and received an extension on that deadline and now won't provide the detailed financial information until December.

The online poll of 2,099 Canadians conducted Aug. 10-12. As the survey respondents were not selected randomly but were drawn from an online panel of more than 150,000 Canadians, a margin of error could not be calculated. The pollster weighted the survey sample by age, gender, region and education level according the most recent census data.

I'll just throw out that I was one of the 2,099 polled.

[OnTheIce]

And 90% of those polled don't have a clue how this would affect anything, they just voted out of blind patriotism.

[saturn_656]

OnTheIce OnTheIce:

And 90% of those polled don't have a clue how this would affect anything, they just voted out of blind patriotism.

Way to generalize.

[OnTheIce]

saturn_656 saturn_656:

OnTheIce OnTheIce:

And 90% of those polled don't have a clue how this would affect anything, they just voted out of blind patriotism.

Way to generalize.

Thanks.

It's the theme of the poll itself.

Ask a select few people picked selectively out of a batch and ask them about a situation they know nothing about. The answer is more about protecting a Canadian company, blind patriotism, than anything else.

[saturn_656]

OnTheIce OnTheIce:

saturn_656 saturn_656:

OnTheIce OnTheIce:

And 90% of those polled don't have a clue how this would affect anything, they just voted out of blind patriotism.

Way to generalize.

Thanks.

It's the theme of the poll itself.

Ask a select few people picked selectively out of a batch and ask them about a situation they know nothing about. The answer is more about protecting a Canadian company, blind patriotism, than anything else.

What makes you think those polled "know nothing"?

Work for Angus Reid?

[OnTheIce]

saturn_656 saturn_656:

What makes you think those polled "know nothing"?

Work for Angus Reid?

All bullshit aside, how many of those 2100 people even know about Nexen outside of Alberta?

How many of those people understand the details of the bid? Any job changes, any further investment?

It's a poll about patriotism, period.

[saturn_656]

OnTheIce OnTheIce:

saturn_656 saturn_656:

What makes you think those polled "know nothing"?

Work for Angus Reid?

All bullshit aside, how many of those 2100 people even know about Nexen outside of Alberta?

How many of those people understand the details of the bid? Any job changes, any further investment?

It's a poll about patriotism, period.

It's not all about money. There are other factors to consider, especially when dealing with Beijing.

I answered the poll "no" and patriotism was not on my list of reasons why. Shell, BP, or Exxon, could make a bid for Nexen and I wouldn't give a hoot. I don't care how many Panda Bears the CCP sends here, that's not enough window dressing to make them worthy to operate here.