CNOOC sets aside cash for future acquisitions
China National Offshore Oil Corporation turns to short-term tools to finance its US$15billion cash bid for Canada’s Nexen Inc.
Sources said that CNOOC, while sufficiently cash solid, will use a combination of loans and bonds to finance the deal in order to keep cash flow for future acquisitions.
The short-term financing is likely to come from CNOOC Group, CNOOC’s parent firm, or state-run banks before. The short-term facility will later be replaced by permanent facilities such as long-term bonds and loans.
CNOOC launched China's biggest foreign takeover last week, forcing Canada to decide whether security concerns outweigh its desire for foreign investment in its energy resources.
CNOOC had US$15 billion cash on hand at the beginning of this year. Technically, it does not need to borrow to fund the Nexen deal, according to analysts
CNOOC, however, wants to maintain sufficient cash on hand to prepare for future acquisitions and the probabilty of a sharp drop in oil prices that would derail its 2012 capital spending plan of up to US$11 billion.
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