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CNOOC to Acquire OPTI Canada - CNOOC will Strengthen its Presence in Canadian Oil Sands - Deal Analysis from GlobalData
GlobalData, July 2011, Pages: 9
CNOOC to Acquire OPTI Canada - CNOOC will Strengthen its Presence in Canadian Oil Sands - Deal Analysis from GlobalData
Summary
CNOOC Limited (CNOOC), through its indirect wholly-owned subsidiary, CNOOC Luxembourg S.a r.l, entered into an agreement to acquire the second lien notes and all of the outstanding shares of OPTI Canada Inc. (OPTI) for a purchase consideration of $2.1 billion. Scotia Waterous Inc. and TD Securities Inc. are acting as financial advisors, while Macleod Dixon LLP is acting as legal advisor to OPTI for the transaction. BMO Capital Markets and CIBC World Markets are acting as financial advisors, while Gowling Lafleur Henderson LLP is acting as legal advisor to CNOOC for the transaction. The transaction is subject to certain terms and conditions including, among other things, applicable government and regulatory approvals by the relevant authorities in Canada and the People’s Republic of China, and Alberta court approval. The transaction is expected to be completed in the fourth quarter (Q4) of 2011. The transaction implies deal values of $23,091.13 per acre of acquired acreage, $235,955.06 per barrel (bbl) of bitumen daily production, $10.77 per barrel of oil equivalent (boe) of proved (1P) bitumen reserves, $2.88 per boe of proved and probable (2P) bitumen reserves, $2.48 per boe of proved, probable and possible (3P) bitumen reserves, $6.27 per boe of prospective resources and $1.91 per boe of contingent bitumen resources.
Scope
- Rationale behind CNOOC acquiring OPTI Canada
- Strategic benefits for the companies involved,
- Geography covered -Hong Kong Special Administrative Region of China
Reasons to buy
- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures taking place in Asia-Pacific industry,
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Hong Kong Special Administrative Region of China's oil & gas market,
- Get a detailed analysis of a deal to enable you to take better decisions.
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