At a shareholder meeting in Calgary Thursday, Nexen said 99% of votes cast by common shareholders supported Cnooc's offer, which included a large premium. The transaction now faces a series of higher regulatory hurdles, including reviews by Canada's federal government and the U.S.
State-controlled Cnooc is China's largest offshore oil company by production. By acquiring Nexen, it would gain ownership of oil and gas reserves in western Canada, the U.K. North Sea, the U.S. Gulf of Mexico and offshore Nigeria.
"Today's shareholder vote is one step in the transaction's approval process," Kevin Reinhart, Nexen's interim president and chief executive, told shareholders following the vote. "It's now in the (regulators') hands to assess the transaction," he said.
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