OPTI Canada secures all regulatory approvals for Cnooc transaction

By Caroline Salls

Pittsburgh, Nov. 18 - OPTI Canada Inc. received all of the required regulatory approvals for the acquisition of OPTI by indirect wholly owned subsidiaries of Cnooc Ltd., according to a company news release.

The acquisition is expected to be completed by the end of November.

As previously reported, the total value of the acquisition is $2.1 billion.

Under the acquisition, the Cnooc subsidiaries will

• Acquire OPTI's second-lien notes for a net cash payment of $1.179 billion and pay $37.5 million to backstop parties;

• Acquire all existing issued and outstanding common shares of OPTI for a cash payment of $34 million, equal to $0.12 per common share; and

• Assume the company's first-lien notes in accordance with the indenture.

OPTI Canada is a Calgary, Alta.-based company focused on developing oil-sands projects.

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