Guess who’s a Nexen shareholder? CPP.
And guess who loses out if the takeover deal is rejected? (You.)
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Some interesting facts about CNOOC’s bid to buy out Nexen:
- As of March 31, 2012 (opens pdf), The Canadian Pension Plan Investment Board owned 3.4 million shares of Nexen.
- As of December 31, 2011 (opens pdf), Quebec’s Caisse de dépôt et placement owned 1.8 million shares of Nexen.
- Before CNOOC`s offer, Nexen shares were trading in the $17-18 range.
- CNOOC is offering $27.50 a share of Nexen.
The CNOOC offer amounts to giving NEXEN shareholders a $10/share premium, or over $50 million for our publicly-run pension funds. If you participate in another pension fund that also has a stake in Nexen, you might want to take that into account as well.