CNOOC Ltd. (NYSE: CEO) has completed its acquisition of Nexen Inc. (TSXV, NYSE: NXY).

According to the release, holders of Nexen common shares will receive cash proceeds of US $27.50, without interest, and holders of Nexen preferred shares will receive cash proceeds of C $26.00, plus accrued and unpaid dividends up to, but excluding, the closing date of the arrangement, without interest.

Kevin Reinhart will continue as CEO of Nexen and will maintain responsibility for all of Nexen's operations. The company's Calgary headquarters will continue to be responsible for managing ...