www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

chinadaily.com.cn
left corner left corner
China Daily Website

Alleged CNOOC insider trading casts doubts

Updated: 2012-08-01 11:58
By Zheng Yangpeng ( China Daily)

But analysts still suggest chances are good that offer will be approved

China's potentially largest overseas acquisition to date was clouded by an insider-trading investigation that the US launched last week, but analysts said the charges shouldn't affect US regulators' decision on whether to approve the deal.

Instead, analysts said, overseas politics that pose a potential threat to the deal should be a greater concern to CNOOC Ltd more.

Alleged CNOOC insider trading casts doubts

On Friday, the US Securities and Exchange Commission obtained a federal court order to freeze the assets of traders who were alleged to have reaped more than $13 million from illegal trades ahead of CNOOC's announcement that it would buy Nexen Inc, a Canadian oil group.

If the deal passes the review process, CNOOC could boost its proved reserves by 30 percent and increase its production by 20 percent.

Before the announcement, Hong Kong-based Well Advantage Ltd, controlled by Zhang Zhirong, and other unidentified traders stockpiled shares of Nexen after knowing confidential information about the deal, the SEC said in a statement announcing a complaint filed in US court.

Zhang, 43, is the chairman and founder of China Rongsheng Heavy Industries, a Chinese shipbuilder.

The SEC said businesses owned by Zhang, including China Rongsheng Heavy Industries, have a close relationship with CNOOC.

Rongsheng Heavy, which is China's largest private shipbuilder by order book and was co-founded by Zhang in 2005, signed its first offshore engineering contract with CNOOC to build a 3,000-meter deepwater-pipe-laying crane vessel for the offshore oil producer. Former financial reports released by Rongsheng Heavy, a Hong Kong-traded company, said the company signed a strategic agreement with CNOOC in 2010.

By pinpointing Zhang's close relationship with CNOOC, the SEC laid the groundwork for its allegation that Zhang's company was involved in insider trading. Before the purchase of the Nexen shares, which took place just two days before the deal was made public, Well Advantage had not traded Nexen shares since January. And immediately after Nexen's stock rose 52 percent, Well Advantage sold the shares.

CNOOC so far has not yet officially responded to the case and whether the development will affect its purchase of Nexen. But the 21st Century Business Herald, citing an anonymous source in CNOOC, reported that the company has initiated an internal investigation to determine how information about the deal was leaked.

"There were not many people who knew the details of the acquisition," the source said.

Nexen announced the $15.1 billion, all-cash equity offer from CNOOC on July 23.

Industry experts said the chance of the deal's approval by Canadian regulators is very high. Uncertainty about the case comes mainly from US regulators.

In 2005, CNOOC withdrew its bid for the US oil company Unocal Corp after the offer drew stiff opposition in Washington. Nexen has about 10 percent of its assets in the US Gulf.

However, experts interviewed by China Daily said the SEC case itself will not exert a significant effect on CNOOC's acquisition. Politics could be a greater threat.

"Insider trades happen. And anybody in this process can do it. Lawyers, underwriters, you name it," said Tao Jingzhou, managing partner of Dechert LLP Asian Practice.

"Insider trades could not have impeded the acquisition unless they evidently affected the bid price. So I don't think they will have significant affect on CNOOC's acquisition."

Ge Shunqi, a professor with Center for Transnationals' Studies of Naikai University, said that "the SEC's probe is irrelevant to the acquisition case."

zhengyangpeng@chinadaily.com.cn

 
8.03K
 
...
...
...
主站蜘蛛池模板: 韩国一级a毛片 | 一级毛片免费视频网站 | 又黄又湿又爽 | 欧美一级片网 | 亚洲欧美成人影院 | 国内自拍小视频 | 日韩不卡在线 | 日本三级香港三级妇三 | 亚洲一区 中文字幕 久久 | 波多野结衣福利视频 | 国产在线观看高清不卡 | 女人张开腿让男人桶免费网站 | 国产中文久久精品 | 8000av在线 | 欧美日本一区 | 亚洲系列| 亚洲成年网 | 欧美日韩视频免费播放 | 91伊人国产| 欧美激情欧美狂野欧美精品免费 | 欧美色欧美亚洲高清在线视频 | 国产精品免费aⅴ片在线观看 | 欧美一级毛片在线看视频 | 岬奈一区二区中文字幕 | 成人黄色免费网站 | 美女三级毛片 | 国产午夜精品理论片在线 | 私人毛片免费高清影视院丶 | 日韩亚洲成a人片在线观看 日韩亚洲精品不卡在线 | 久草在线新首页 | 欧美日韩视频一区二区 | 久久免费视频8 | 精品一区二区三区在线视频观看 | 特级毛片aaaa级毛片免费 | 欧美一级久久久久久久大 | 欧美一级日韩在线观看 | 4438全国最大成人网视频 | 精品韩国主播福利视频在线观看一 | 亚洲爱爱爱 | 最新主播福利视频在线观看 | 99热热久久这里只有精品166 |