CNOOC’s Nexen takeover not a done deal

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EDITORIAL: China National Offshore Oil Corporation’s US$15.1bn bid for Canada’s Nexen shows that the state-run Chinese company clearly believes the climate is more conducive now for a strategic acquisition in the West than it was in 2005, when vehement political opposition in the US forced it to abandon an attempt to acquire Unocal for US$18.5bn.