Davis Polk is advising CNOOC Ltd. in connection with its proposed $15.1 billion acquisition of Canadian energy company, Nexen, Inc., including clearing the transaction through the Committee on Foreign Investment in the United States (CFIUS). If completed, the transaction would be the largest foreign acquisition by any Chinese company. CNOOC is China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world. Nexen is an independent, Canadian global energy company, listed on the Toronto and New York stock exchanges under the symbol “NXY.”
Davis Polk has a long history of advising clients with respect to national security issues in connection with their proposed U.S. acquisitions or investments. We have represented both buyers and sellers in virtually all industry sectors, including technology, defense, aviation, financial services, energy, communications, chemicals, pharmaceuticals, natural resources and basic industries. Prominent publicly announced transactions in 2012 included, Dalian Wanda’s $2.6 billion acquisition of AMC Entertainment Holdings, the largest acquisition of a U.S. company by a Chinese company, and Technip S.A.’s $936 million purchase of Global Industries, Ltd. Davis Polk combines transactional and national security preeminence with genuinely global reach, providing a unique ability to serve clients whose international acquisitions implicate U.S. national security issues.
The Davis Polk corporate team includes partners George R. Bason Jr., Howard Zhang, Leonard Kreynin and Kirtee Kapoor and associates James E. Elworth and Brian J. Snyder. Partner John B. Reynolds III and counsel Jeanine P. McGuinness led the team providing CFIUS and national security advice to CNOOC. Partners Paul Chow and Antony Dapiran are providing Hong Kong law advice. Members of the Davis Polk team are based in the New York, Beijing, Hong Kong and Washington DC offices.
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