Nexen purchase by CNOOC tainted by insider trading probe: US SEC freezes assets of traders who reaped $13 million ahead of announcement

42 thoughts on “Nexen purchase by CNOOC tainted by insider trading probe: US SEC freezes assets of traders who reaped $13 million ahead of announcement”

1. And the best op ed out there on why this shouldn’t happen… I simply would be wasting time to write again when Diane has summed it up so incredibly well.

   http://opinion.financialpost.com/2012/07/27/stop-state-backed-foreign-buyouts-in-canadas-resource-sector-now/ ( I post here in it’s entirety for posterity, these links tend to disappear after a period of time and what Diane has said is so important, it must be held here in conjunction with the Playing with the Dragon links)

   state-backed foreign buyouts in Canada’s resource sector – now

   The proposed takeover of Nexen Inc. by China National Offshore Oil Company, or any other like it, cannot be allowed. If the acquisition of Canada’s resource companies is not banned, then much of Calgary’s skyline will be snapped up by the world’s gigantic state-owned enterprises.

   Resource companies are as important as banks or the stock exchange. The same ownership ring fence must be drawn around them, or a limit of 10% foreign ownership imposed. If that policy had not been adopted years ago by Ottawa, Toronto’s skyline would be very different.

   The reality is that Canada is a small economy that must be protected, from potash to the TMX, from the foreign governments that have more money than Ottawa and bankroll enterprises and investment portfolios.

   The reality is that Canada is a small economy that must be protected from the foreign governments that have more money than Ottawa

   The new Game of Thrones is not about military conquest but about picking off trophy assets from countries, like Canada, that are Boy Scouts and naïve enough to let them do so. And growing and nurturing large successful entities is essential to any nation-state. Size matters.

   The foreign buyout of resource, infrastructure and agricultural corporations simply has to stop. Foreigners can partner or do startups but nothing more.

   This debate has nothing to do with economics or ideology. This is about street smarts. The U.S. — that bastion of free enterprise — did not allow CNOOC buy Unocal in 2005. It did not allow a Dubai company to control port infrastructure assets.

   Developing nations like Brazil or China would never allow a Nexen to be bought even though their publicly protected resource giants prowl the world for other peoples’ assets. Even undeveloped nations like Nigeria require foreign oil or mining explorers to joint venture with government-controlled local corporations.

   Canada should never have allowed Inco, Alcan, Petrokazakhstan, Addax, agri-business Viterra and dozens more resource companies to be picked off. That these deals have been rubber-stamped by Investment Canada does not establish a precedent. These represent disastrous mistakes and a dangerous trajectory.

   Here are 14 concrete reasons why: Nexen’s purchase will create a Takeover Hit List, among Canada’s 150 largest corporations, which includes Suncor Energy Inc., Enbridge Inc., Agrium Inc., Cenovus Energy Inc., Canadian Natural Resources Ltd., Teck Resources Ltd., TransCanada Corp., Canadian National Railway Co., Talisman Energy Inc., Gibson Energy Inc., Canadian Oil Sands Ltd., Pacific Rubiales Energy Corp., Penn West Petroleum Ltd. and Keyera Corp. Further down the food chain will be Canadian Pacific Railway Ltd., Sherritt International Corp., Pembina NGL Corp., Crescent Point Energy Corp., Pembina Pipeline Corp. and ARC Resources Ltd.

   Others like Potash Corp. and Cameco Corp. or Canpotex, protected by Saskatchewan, could succumb eventually and then there are hundreds more private companies that foreigners are buying. A handful of years ago, two companies were snapped up for $9-billion within days by an arm of the Abu Dhabi government and only criticism, including by myself, stopped the execution of a strategy to spend $20-billion buying into Canada’s energy sector.

   Once Nexen is nixed, the government of Canada should require full and timely disclosure of future foreign investment activities

   Nexen, however, will send a positive signal that Canada is open for business and for sale.

   There are also two policy reasons to stop the global spree here.

   1. Reciprocity. No entities from a foreign country should be allowed to do anything in Canada that Canadians cannot do in their country. In China’s case, this means only greenfields, or startups, can be invested in here and then with strict licensing from the government as is the case in China when building anything. No Chinese can buy stock on the TMX or own shares of a Canadian company, as is the case there unless special government permission is granted. Same applies to real estate.

   2. State-owned enterprises and sovereign wealth funds from all countries must be banned from owning any corporations, real estate or resources in Canada. This is because they are agents of foreign jurisdictions and enjoy sovereign immunity.

   Sinopec, for instance, has refused to appear in a Canadian court concerning dozens of outstanding charges against the company involving construction site malpractice that led to the deaths of two workers and injuries to four more in 2007 in Alberta. And this winter a Sinopec official said the company wants the Supreme Court of Canada to exempt it from such health and safety actions.

   Once Nexen is nixed, the government of Canada should require full and timely disclosure of future foreign investment activities. Any ownership level beyond 5% should be disclosed quarterly and published immediately.

   The public, and government, do not understand the extent of the penetration of such investments and have a right to know. Transparency is essential in doing business and is essential in making policy decisions.

   Then there are the politics. A recent poll showed only 11% of Canadians support foreign buyouts by state-owned enterprises.

   And fears that disallowing foreign buyouts will lead to less investment in Canada can be laid to rest. After Saskatchewan’s premier fended off the buyout of Potash Corp., activity increased in the form of greenfields projects or startups. These are the only foreign investments that meet the “net benefit” test that Investment Canada is supposed to uphold.

   Canada must state clearly that all of its resource-related and infrastructure assets and corporations must be Canadian-owned and controlled and that no single foreign entity can own more than 10%, as is the case with Canadian banks.

   Canada should state that it remains open for ethical, sensible and “net benefit” business. If not, then Canada will simply be a colony waiting to be conquered again.

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2. Right on Laila.

   Communist China has been showing aggression, in other parts of the globe too. The Philippines for one. Hacking into other country’s secret files another serious aggression of China. Selling infected electronic components to other country’s. AND, Communist China is Harper’s best friend??

   When Fadden of CSIS warned, Communist China was making huge inroads into Canada, he is exactly right. Harper is permitting China to buy up huge chunks of the tar sands. China is permitted to bring their own people, to work the tar sands jobs. Harper said, China will bring thousands over, to build the Enbridge pipeline. Canadians don’t even get the refining jobs. Those jobs go to Communist China too. All of that means, Harper gets to profit even more nicely, by shafting Canadians, for cheap Chinese labor.

   Fadden specifically mentioned BC. Campbell shipped our BC mills to Communist China, along with our raw logs. China also owns BC mines, they get those jobs as well.

   I can’t even summons a morsel of surprise that….the CNOOC purchase of Nexen, was a low down evil, corrupt plot.

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3. I’m so angry. Especially at the statement that we are just a “colony” waiting to be “conquered”.
   Why? Because it’s true.
   Why aren’t our “leaders” seeing this?? How can all they see is “trade partner, money, profit, shares, money, profit, money (did I say that one already?) and not the real picture where we have a bunch of communist nationals on our land telling us we cannot do anything to them about worker abuses and their many repeated failures to comply to Canadian rules and Laws while on our soil.
   I had a huge rant that spun off this, but I’m not going to post it here, but instead on my blog site.
   I’m so frustrated, but I also need to step back a bit as all this negativity, both in the news, in the world (primarily) rather than just my local area, has taken a hit to my health.
   Trying not to let it “bother me” or not look at area’s I can’t do anything about still is hard, as once your eyes are open to the problems rife in our country alone it’s very hard to shutter them, if not nigh unto impossible.

   What to do…

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   1. The Chinese government has always been very strategic in it’s acquisitions, people really tend to overlook this as a part of business strategy.. and as I have stated many times, unlike other countries who have banned or otherwise halted large Chinese state involvement and takeovers in favour of national defence and sovereignty, Canada under Harper, has opened doors with red carpets. One should not allow foreign governments like China to shape or influence foreign policy.

      I understand your frustration, and as you know, have health concerns as well, but try to channel that frustration into action like I do. Writing, sharing and speading what is known to others is action. Don’t try to shutter out the truth, let it be your inspiration and catalyst. Be well, my friend. Don’t let this all get you down.

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      1. Thanks Laila, I take inspiration from you, and shall endeavor to do just that.

         I can’t stop talking about it as creating awareness and learning are important to my personal growth. I’ll just have to learn to limit my “discussions” with those others not so .. passionate? about what’s going on in our province/country/world.
         I understand in a way, it just makes it difficult when those people are very close to you and with whom you interact daily. I almost don’t want to look at any blog or “news” sites anymore for fear it’s just going to get my blood going and I’ll start spouting off, lol.

         Regardless of what’s in the news, I still take time to laugh and smile, sometimes at the very articles or opinions that stir me up.
         I’m almost guaranteed that when I come to your site and read the posts, 😉
         thanks again Laila!

         Have a great day everyone!

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4. It would appear Canada has once again achieved colonial status. This time its China who has colonized us. It was all done by stevie slime & his slimers. What I am trying to understand is why he would do this. I guess because he can, but that alone shouldn’t be enough of a reason for a rational person. O.K. my mistake, the guy isn’t rational. You don’t let another country take over your land, resources, import its own labour, etc.

   I can say one thing though. I now know how the First Nations People felt when the first Europeans came to Canada & started taking what they wanted or paying nickels & dimes for the vast wealth of this country.

   There is no way to stop stevie slime & the slimers so we can only wait until they leave office in 4 yrs. that is if they haven’t banned elections by then.

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5. Power, money, influence, prestige. Harper was the first PM in some time not closely affiliated with Power Corporation. Then.. the picture Harper didn’t want you to see, showing Desmarais, was shown in the press. ( in the Playing with the dragons link above, second story) That’s what happened. The Playing with Dragon series is integral to understanding China’s role and activity in Canada, and with the Canadian government.

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6. http://www.economist.com/node/21559929
   CSIS warned Canada. Trust? Not by China and not by Harper and Co. But then do they care? No. IMO it’s all about filling pockets now, and not the future of this country or its’ citizens.

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   1. CSIS did warn Canada, as did the US. The US are pissed at Harper embracing the chinese government in so many areas where other countries have banned them. What does that tell you?

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      1. That the Canadian Global elitist , Québec’s Royal family Desmarais clan have their ex-political minions (employees) , Paul martin, Brian Mulroney, Maurice strong just to name a few, hard at work at neutralizing all obstacle that may stand in the way of the Chinese buyout, especially Manitoba born Maurice Strong, father of the UN food for oil scandal and the Global Warming Fiasco, who practically overseas all of the Canadian royal family, the Desmarais clan interest, of which are far to many to mention in China.

         Québec, the Private-Public Partnership (PPP) – Le Domaine Sagard

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7. Your Comments about Stephen Harper exemplifies Canadian ignorance when it comes to the Canadian political arena. Blaming Stephen Harper or any other political monkey for the actions taken upon by private governance geopolitical powers is all to easy. Powers, external powers play a vastly important role in Canadian decision making, it’s not up to Stephen Harper or any other government to decide who gets to buy who and at what price, just like it’s not up to the federal government or any other government for that matter, to decide what action will be played or what debt will be payed, even the Canadian budget is handed down to the political monkeys by the powers that be.

   In this case, the Chinese oil sand purchase, Canadian Global elite, Québec’s Desmarais clan have their ex-political minions (employees) , Paul martin, Brian Mulroney, Maurice strong just to name a few, hard at work at neutralizing all obstacle that may stand in the way of the Chinese buyout, especially Manitoba born Maurice Strong, who practically overseas all of the Desmarais clan interest, of which are far to many to mention in China. There is a lot more at play here then what Canadians are being told. This is a Geopolitical power play being masterminded by a select few insuring their survival as the global economic and political power house shifts from the Anglo-American alliance to the Russia-China B.R.I.C.K. Nations alliance.

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   1. Perhaps before you go on a righteous rant and infer that I am exemplifying Canadian ignorance, you might want to ensure you are not the one displaying common ignorance by failing to check first if I have covered this… which I have, in depth. Ignorance is speaking without thought, which you seem to do quite well.

      Please see both my Playing with the Dragon posts in which the second part of the series talks in depth about the architects behind Canada’s China policy, specifically Desmarais and Power corporation. Readers of my site know full well my knowledge on this issue, as you apparently do not.

      https://lailayuile.com/2012/04/12/playing-with-the-dragon-who-is-looking-after-canadian-interests-while-china-outwits-our-governments/

      https://lailayuile.com/2012/06/06/playing-with-the-dragon-ii-the-architects-behind-canadas-china-policy/

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      1. ” Please see both my Playing with the Dragon posts in which the second part of the series talks in depth about the architects behind Canada’s China policy, specifically Desmarais and Power corporation.” If such is the case then I apologies for my as you put “righteous rant”. Speaking of “speaking without thought,” which I seem to do quite well, I suggest reading some of the comments posted, it looks to me that some comments speak without thought as well, it would seem that as a blogger a response in an attempt to correct the misguided views should be in affect don’t you? Letting people rant on with side show groupthink propaganda is no better then my “righteous rant”, apparently not all of your readers know of you’re said knowledge on the Desmarais subject. So whats better letting groupthink propaganda slide or take an aggressive stand against those who speak the same language as you? It’s a shame you let your ego get in the way.

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8. Uhmm, Truthordarequestionsblog, I must concur with Laila.
   While her topics have ranged from corporate incompetence to government malfeasance, she has covered a lot of issues that you obviously have little to no knowledge of.

   Laila has had lots of time to get to know a lot of us quite well with our writing styles and mental capabilities, and while we range from grad school students and disabled pensioners to billionaire corporation holders, Prime Ministers and Premiers, not once has she, other than to correct an incorrect statement or bit of information, criticized us as individuals or placed judgement on our writing styles.
   She embodies her statements (or in layman terms, walks the talk) while nothing but carbon dioxide emits from you.

   As for “..or take an aggressive stand against those who speak the same language as you”, that’s so ludicrous a statement as to be.. ludicrous.
   If one speaks the same language as another, rarely do they find themselves on opposite sides of any spectrum. And even if they should find it so, rarely do they speak disparagingly of the other, so you are not speaking the same language as Laila, by any means.

   And while some of us aren’t as smart as you would have yourself think you are, some of us are smart enough to see that you’re really not that smart at all… other than a “smart” ass.
   Have a nice day.

   Ps, we make speak “as a group” of like-minded individuals, but in no way does “groupthink propaganda” have a place on blogs like Laila’s.

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   1. Wow, what is it with you people, defending the flock are we? you obviously have not taken into consideration my apologies to Laila. As for the rest of my comment well again you obviously have not read the posted comments of whom in plain view, for anyone who knows the facts, are pure groupthink propaganda, should I dare say that you just might be the one who as no clue to what he’s talking about? Judging by your childish uncalled for remark I dare not.

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      1. For my harsh word, I apologize. I took everything you said into consideration, and while I let my anger seep, I didn’t need to come down to your level.
         The only “flock” here is a group of very concerned citizens, and yes one does defend “the flock” because if one doesn’t who does?
         Your apology wasn’t an apology, more like a casual “whatever” than anything, but it’s not my place to make that call as it’s to Laila you were “apologizing” to.

         I’m not going to go any further with this, just know my apology for calling you an ass is as sincere as was yours to the blogger you critiqued.
         And I still wish you a nice day.

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         1. Again, I have apologies my self to Laila and will read her ‘Playing with the Dragon posts’, personally I find it some what arrogant to think that Laila his the master of masters when it comes to the involvement of Globalized industry -Desmarais Clan- in Canada. Your narrow minded beta views and the protectionism not to mention the harsh words that where uncalled for only confirms the Groupthink mindset that as taken over the Laila walks on water fan club. lol… fan club… yea, a fan club.

            I’m not going to go any further with this, just know my apology to Laila is sincere. unlike you who apparently can’t read peoples thoughts via the internet.

            Have nice day.

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         2. I’m sorry I maid a typo

            ” I’m not going to go any further with this, just know my apology to Laila is sincere. unlike you who apparently can’t read peoples thoughts via the internet.”

            what I meat to say was …. who apparently ‘ can ‘ read peoples thoughts via the internet.
            that’s quite a gift you’ve got there…lol… imbécile.

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         3. ¶ “Your narrow minded beta views and the protectionism not to mention the harsh words that where uncalled for..”
            tsk tsk
            Calling yourself an “imbécile (imbecile, English) is a little harsh as you shouldn’t put yourself down. You’re not totally an imbécile, just a misinformed and belligerent individual.
            Or, you’re being a hypocrite in playing victim when I named you an ass.

            And fyi, “maid” is another typo, should be “made”.
            You must be foreign as anyone local wouldn’t keep trying to instigate a fight over something so trivial.. unless I struck a real nerve.

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9. LoL! I’m always sure to get a laugh either from the topic or the posters, and definitely truthordareq…’s statement of “..unlike you who apparently can’t read peoples thoughts via the internet.” gets my chuckle today.
   Now, there would be a talent. ^^ Man.. if I could read minds via internet or even without the internet.. do you really believe I’d be sitting where I’m at rather than in Hawaii or Mexico, or someplace exotically hot and wondrously away from the BS going on in my country?

   I think I know what you’re meaning with your statement todqb, in that I was unable to establish your.. ahem, honest intent with the apologies via typed word on an internet blog.. , this is just having a little harmless fun at your wording, thanks for the smile.
   Please do read Laila’s posts, you’ll find all that you’re looking for; and in an unfortunate, eye-popping jaw-dropping way, more.
   And good luck with the mind reading via internet thing. 😉

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   1. Glad to be of service, parcontre je te suggère de faire attention à tes mot grossiers utiliser lors de tes interventions immature. “eye-popping jaw-dropping way,” I doubt that very, very, very, much. Laila isn’t the only one who as studied the Desmarais Clan in Canada or In Europe for that matter, where he goes by the Name ‘Mr. Petrole’ again your displayed arrogance in thinking that Laila is the master of masters in the field of the Desmarais Clan is to say the least disturbing.

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      1. todqb, when did I ever say anything about Laila’s knowledge of the desmarais clan?
         And, she’s not so narrow-sighted to have that as her only focus as it goes much further than just the desmarais.
         And you would do well to heed your own advice monsieur as I may be immature in using coarse words, but then what is your excuse?

         Again, take some time and go through Laila’s posts. How can you argue with factual knowledge?

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         1. Are you Happy son? I’m letting you have the last word, good day.

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         2. Je suis désolé pour le manque de réponse, il a été incroyablement occupés et j’ai été très malade avec l’après-midi hier, l’épuisement de chaleur et le soir. Se sentant toujours assez faible aujourd’hui.

            J’accepte vos excuses et je pense qu’il était sincère, mes excuses pour vous appeler sur ce que je considéré comme un commentaire agressif et un peu arrogant initiale ici au sujet de Desmarais. En effet, ils sont les pouvoirs derrière Harper et presque tous les autres PM, non?

            Je n’ai jamais considéré moi-même un expert sur ​​eux, et je n’ai pas prétendu être, mais je ne crois pas avoir rendu justice en le présentant à mes lecteurs, pour la plupart qui ont été très surpris d’apprendre de ces connexions. Dois-je ressens le besoin de faire adopter ce dans la gorge de lecteurs chaque fois que quelqu’un commentaires? Non, car pour être honnête je n’ai pas le temps de le faire … chaque lecteur, à chaque fois. Je travaille aujourd’hui sur la réorganisation du site pour le rendre plus ceux easer articles à trouver, au sein des catégories marquées. L’un sera consacré à la connexion Desmarais.

            Merci et bon après-midi.

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         3. Merci Laila, mes excuses et milles pardons sont belle et bien sincère, et ce, de ma pare, j’accept sans reproche tes excuses and I hope that you get well soon 🙂 .
            Oui effectivement le Clan Desmarais est sans second au Canada le pouvoir qui gouverne hiérarchie politique du Canada et celle des Provinces sans exeption. Personally I didn’t think that you considered your self a self proclaimed know it all on the Desmarais front, quelque chose que certain de tes lecteures s’emble croire, et ce je ne peux te reprocher.
            Je comprend tres bien ta situation car je la vie au quotidien depuis maitenent 23 ans. le manque d’éducation fondamental en politique Canadienne, et ce sen s’aventuré dans la réalité géopolitique Canadien, telle est le cas avec la chine, me bafouille.

            I won’t even start with Québec’s long standing referendum issues that is still on the back burner after all these years waiting for an opportunity to rise again. Funny how it all got started by the Global elitist who where looking for a way to create there long awaiting dream of a North American Union. Yes Desmarais was and still his a part of that cockamamie scheme so are his long devoted friends such as Polish Canadian Zbigniew Brzezinski, and American David Rockefeller and let’s not forget Desmarais’s King Pimp, may he rot in hell, Pierre Elliot Trudeau’s handy work in the Globalist air brain scheme. I could go on an on.

            Merci encore Laila, peut-ètre que maintenent nous pouront conversé sans ce tappé sur les pieds…lol…

            Peace be on to you sister of truth and may our creative Father, first source and center of all creation, bless you.

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         4. Thank you Gordon, for being a loyal fan and friend. Let’s leave this one go, ok? ; )

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         5. My apologies for arguing on your site Laila, and absolutely done 🙂

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         6. Aw, forget it. Sometimes men get their backs up and then… well it goes downhill pretty fast..lol.

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10. Thank Goodness I could Copy and Paste the French, and convert it to my Second language via Google’s Translate Page…..

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    1. Quoi, vous ne parlez pas français? Qu’en est-il allemand, ne vous parlez allemand? Espagnol? Hongrois? Chinois? hmmm? ; )

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       1. What, you do not speak French? What about German, do you speak German? Spanish? Hungarian? Chinese? hmmm? 😉

          Gee, does this mean I can now start researching for documents that the BC Liberals have secretly been writing in pig latin?

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11. Your a class act Laila many respect, and “bud” I still find that you are and ignorant sheep, you should seriously shut the hell up with that fowl mouth of yours and let the adult talk politics.

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    1. Sorry Laila, I had to respond. If this… gentleman wants to continue his “discussion” I have asked him to please post on my site and not yours.
       I hope you’re feeling much better today and look forward to your next posts!

       @ truthordarequestionsblog;
       Avant que vous continuez de vomir la haine et accuser d’autres d’être ‘horrible’, vous devriez regarder vos propres mots. Vous ne pouvez pas voir que vous agissez plus pauvre que vous m’accusez ?

       Vous ne devriez pas être inquiétés des politiciens ou de la politique, vous devriez être concernés par votre irrespect vers autre étant et apprendre à agir comment vous voulez que d’autres agissent vers vous.

       Si vous continuez de traiter une autre personne mal, pourquoi devraient-ils être agréables à vous ?

       Permettez-nous de voir comment intelligent vous (et I) êtes vraiment en ce qui concerne la politique et les politiciens et pas bloquez ce blog avec notre conflit, bien entendu ?
       Si vous voulez parler plus, cliquer sur mon nom et écrire sur mon web – blog et nous permettre de quitter la paix sur le web – blog de cette femme magnifique pour montrer un peu de respect.

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       1. I do not, nor do I intend to, waist my time on you little man. Much like a half witted redneck you jump to conclusion with out thinking and it goes without saying you don’t take criticism, any type of criticism even when it doesn’t concern you, very well. All and all our one sided conversation reflected your level of knowledge of the said subject of which ain’t much and your complete lack of maturity. Consider your self lucky Laila tolerates your kind of teenage half witted fowl mouth rhetoric. I know I wouldn’t.

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          1. LoL
             Obviously I know more about respectful than you, and as per Laila’s wish I’m ending this topic with you.
             thanks again for the laugh

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          2. Didn’t I ask everyone to cool it a few days ago? If you wish to argue,spar, whatever, you should have left it, as you indicated, on your own site and not bring it back here Bud. I have come to terms with the fellow and at that point it was done. This is nothing more than a pissing contest which is neither constructive nor flattering.

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          3. Thank you Laila

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          4. My apologies Laila.

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12. Be the change you want to see in the world.
    ~Mahatma Gandhi~

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13. It’s all good Bud, you have to remember we are all in the same fight, for similar reasons… Truthordare is too. Keep that in mind. There is a bigger picture behind all of this and the Chinese government is deeply involved in Canadian interests, moreso than most realise.. this is why the Playing with the Dragon posts are so important for those not aware of the players behind the scene.

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14. Announced on July 23, 2012 the proposed US$15.1-billion acquisition of Nexen by CNOOC Limited presents important opportunities for both companies and their shareholders.

    Highlights of the transaction include:

    • All-cash price of US$27.50 per Nexen common share
    • The price represents a premium of 61% to the closing price of Nexen’s common shares on the NYSE on July 20, 2012, and a premium of 66% to Nexen’s 20 trading-day volume-weighted average share price
    • Delivers significant and immediate value to Nexen shareholders
    • The transaction has received the unanimous approval of Nexen’s and CNOOC Limited’s Boards of Directors
    • The acquisition of Nexen enhances CNOOC Limited’s presence in Canada, Nigeria and the Gulf of Mexico, adds a significant presence in the U.K. North Sea and diversifies CNOOC Limited’s growth platform

    Significant aspects of the transaction include:

    • Establishing Calgary as CNOOC Limited’s North and Central American headquarters, which will manage Nexen’s global operations and CNOOC Limited’s existing operations in the region (comprising approximately US$8 billion of CNOOC Limited’s existing assets);
    • Intending to retain Nexen’s current management team and employees;
    • Maintain and enhance capital expenditures on Nexen’s assets;
    • Intending to list CNOOC Limited shares on the TSX; and
    • Enhancing community and social commitments

    “This transaction delivers significant and immediate value to Nexen shareholders,” Chairman Barry Jackson said in a news release. “The Nexen Board is unanimous in its view that the transaction is in the best interest of Nexen and recommends shareholders vote in favour of the transaction.”

    in relation to the Proposed Acquisition by the Company (through its wholly-owned subsidiary, the Purchaser) of the Nexen Shares pursuant to a Plan of Arrangement under the CBCA. Capitalized terms used herein shall have the same meanings as those defined in the Announcement unless the context requires otherwise.
    This announcement is made pursuant to Rule 14.36A of the Listing Rules.
    Pursuant to Rules 14.41 of the Listing Rules, the Company is required to dispatch to the Shareholders a circular in relation to the Proposed Acquisition within 15 business days after the publication of the Announcement, that is, on or before 13 August 2012. As disclosed in the Announcement, the Company may not be able to dispatch the circular within such period due to the time required to prepare the relevant financial and other information to be included in the circular under the Listing Rules.
    As more time is required for the Company to prepare and finalize the aforementioned information for inclusion in the circular, the Hong Kong Stock Exchange has granted a waiver to the Company from strict compliance with Rule 14.41 of the Listing Rules so as to extend the dispatch date of the circular to on or before 13 December 2012.

    By Order of the Board
    CNOOC Limited
    Zhong Hua
    Joint Company Secretary
    Hong Kong, 10 August 2012

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15. Nexen-CNOOC $15.1 billion (U.S.) takeover the Top Shareholders
    http://truthordarequestionsblog.wordpress.com/

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