"... State oil firm CNOOC has offered to pay $27.50 cash per share for Nexen, which is 60% higher than Friday's closing share price. The board of Nexen has already approved the deal, but the takeover still needs to be cleared by the Canadian government. CNOOC, which already operates a number of joint ventures with Nexen, said the deal would boost its oil reserves by 30%. The deal marks CNOOC's third Canadian investment. In 2005, it spent 122m Canadian dollars (US$120m; £77m) on a 16.7% share of oil sand developer MEG Energy. And last November, CNOOC bought Canadian oil sands firm Opti Canada for C$2.1bn. ..." From: http://www.bbc.co.uk/news/business-18951425 Billy T comment: China continues to use dollars from its reserves to buy real asset it will need decades from now. Is still trying to reduce its holdings of US treasury promissory notes (bonds) despite their trade surpluses with US making a stream of dollars entering for their reserves. Their increased rate of gold buying, plus policy change that now encourages Chinese people to own gold also help convert paper assets into real assets and in the case of people buying gold, instead of consumer goods, fights inflation too. PS to kmguru: Except for my bugging quad about his continuing refusal to give any support for his claims that Roccor´s post was false or even identify some specific part of it that was false, the Quad/Billy T dispute here has centered on Quad questioning my facts about China either by attacking my sources or me.