OTTAWA -- Canada's industry minister isn't dropping any hints about whether he will approve or reject a Chinese state-owned company's multibillion-dollar bid for Calgary-based Nexen Inc.
And just like Prime Minister Stephen Harper, Christian Paradis is warning Canadians not to jump to any conclusions about which way it will go.
Paradis says he'll wait until he reviews an application from China National Offshore Oil Company -- also known as CNOOC Ltd. -- before deciding whether or not to green-light the US$15.1-billion transaction.
CNOOC's proposed all-cash takeover of oil and gas producer Nexen was a friendly bid, offering shareholders a 60-per-cent premium on their holdings.
But the deal faces a review by both Paradis, who will have to determine if the transaction is of net benefit to Canada, as well as the federal Competition Bureau.
The Chinese company has made several other investments in Canadian companies over the past seven years, including buying stakes in MEG Energy Inc. and a 60-per cent investment in Northern Cross (Yukon) Ltd.
