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Review of CNOOC/Nexen bid unlikely to be completed next week

Wednesday, 31 Oct 2012 | 2:53 PM ET

OTTAWA, Oct 31 (Reuters) - The Canadian government's review of the $15.1 billion bid by China's CNOOC Ltd for Canadian oil firm Nexen Inc is unlikely to be finished by next week's deadline, two sources close to the transaction said on Wednesday.

The sources said there was too little time before the Nov. 10 deadline to conclude deliberations on Nexen as well as prepare a promised framework on how the government will deal with foreign investment.

They said it was likely that the review period would be extended.

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