China National Offshore Oil Corp.'s (CNOOOs) agreed US$17.9 billion takeover of Canadian oil and gas producer Nexen on Monday is a deal of superlatives. It is the largest announced deal of the year to date. It is the largest acquisition ever by a Chinese energy firm, nearly matching the botched bid CNOOC made for US-based Unocal in 2005 (EIF Aug.10'05). And it is the most important deal ever by an Asian firm in Canada. So what did CNOOC acquire after an eight-month break from upstream M&A?
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