Celtic Exploration Ltd. says it has Ottawa's approval to be taken over by Houston energy heavyweight ExxonMobil Corp. for $3.1 billion.
Message Posted: Feb 20, 2013 11:07:42 PM
The approval under the Investment Canada Act means that no further regulatory approvals are required.
The deal, announced last October, will see Exxon add lucrative natural gas liquids to its portfolio through the control of about 221,000 hectares in the Montney formation in B.C. and Alberta and 42,000 hectares in the emerging Duvernay shale in Alberta.
Separately, Imperial and ExxonMobil have discussed building a liquefied natural gas export facility on Canada's West Coast to enable the fuel to reach more lucrative Asian markets.
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