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CNOOC to Take Over Canada's Nexen
CNOOC Ltd (NYSE: CEO, HKG: 0883), China's biggest offshore energy explorer, agreed to pay $15.1 billion in cash to acquire Canada's Nexen Inc (NYSE: NXY) in the biggest overseas takeover ever by a Chinese company, Bloomberg reported. The company is paying a 61% premium on Calgary-based Nexen's closing price on July 20. Nexen's oil and gas assets include production platforms in the North Sea, the Gulf of Mexico and Nigeria, as well as oil sands reserves at Long Lake, Alberta, where it already produces crude in a joint venture with CNOOC. Those assets produced 207,000 barrels a day in Q2 2012, which would boost the Chinese company's output by 20%.
Baidu Q2 Profit Surges on Strong Ad Sales
Baidu Inc (Nasdaq: BIDU), China's most used search engine, said its Q2 profit rose 69.6% year on year to ¥2.77 billion, beating Wall Street expectations. An increase in advertising sales to smaller businesses stoked the sharp gain in earnings. Revenue rose 59.8% to ¥5.46 billion.
Sinopec to Offer ¥5b Short-Term Bonds
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) said it will issue ¥5 billion worth of 270-day bonds on July 25 to replenish capital. China's largest refiner posted ¥671.37 billion in revenues and ¥12.83 billion in net profits for Q1 2012.
BoC Partners with Julius Baer to Share Customers
Julius Baer Group AG entered a strategic partnership with Bank of China Ltd (SHA: 601988, HKG: 3988) to mutually cross-refer clients, giving the Swiss wealth management firm access to one of the world's fastest growing markets, the Wall Street Journal reported. Under the agreement, Bank of China will refer its existing and potential clients outside mainland China who require comprehensive private banking services to Julius Baer. The Zurich-based bank will refer existing and potential clients who require banking services or specific non-private banking products and services to the Chinese bank. Julius Baer opened a representative office in Shanghai last year.
Shenhua Energy to Invest ¥10b on Transport
China Shenhua Energy Co (SHA: 601088, HKG: 1088), the nation's biggest coal producer, said it plans to invest ¥10 billion building six railroads in Inner Mongolia to hone its coal transport capacity.
Railway Construction Seals ¥19b Deals
China Railway Construction Corp (SHA: 601186, HKG: 1186) said three of its subsidiaries have signed a total of ¥19.27 billion worth of contracts. The amount is equivalent to 4.3% of its revenue last year.
$1 = ¥6.33
@2011 China Economy @ The China Perspective.
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