China oil giant in takeover talks with Canadian energy firm
Tuesday, 27 May 2008

Chinese oil giant CNOOC is in talks with Canadian-based Talisman Energy over a possible takeover deal, a report in Hong Kong said Monday, reports AFP.

CNOOC, China's third largest oil company, is in discussions that could lead to asset sales or a complete takeover, the South China Morning Post said citing unnamed sources.

The report also said that energy giant PetroChina was looking at taking a stake in Santos, the third largest oil and gas company in Australia.

Oil firms have shied away from acquisitions in recent months, waiting for a correction in the record oil price.

But the apparently relentless rise of crude -- which traded at more than 132 US dollars a barrel on Monday -- has led to concern that companies should make a move before potential buys become too expensive, the report said.

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