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CNOOC Limited Enters Arrangement Agreement to Acquire OPTI Canada
OPTI Canada Inc. (TSX:OPC) ("OPTI" or the "Company") announced today that it has entered into an agreement (the "Arrangement Agreement") with CNOOC Luxembourg S.à r.l, an indirect wholly-owned subsidiary of CNOOC Limited, pursuant to which indirect wholly-owned subsidiaries of CNOOC Limited, will acquire the Second Lien Notes (as defined below) and all of the outstanding shares of OPTI (the "Transaction"). The total value of the Transaction is approximately US$2.1 billion, which includes net consideration of US$1,179 million payable to holders of OPTI's Second Lien Notes, US$37.5 million payable to backstop parties, US$34 million payable to shareholders and the assumption of US$825 million First Lien Notes. CNOOC Limited 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.

date.png20 Jul 2011 10:07 | comments.png 0 Comments | tags.png canada cnooc deals oil-sands opti [ More ]
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