Bloomberg’s Joshua Gallu and Jasmine Wang report that the U.S.
Securities and Exchange Commission obtained a court order to freeze assets of
traders who allegedly reaped more than $13 million by trading illegally ahead
of Cnooc Ltd.’s announcement that it would buy Nexen Inc. (NXY)Hong Kong-based Well Advantage Limited, controlled by Zhang
Zhi Rong, and other unidentified traders stockpiled shares of Nexen based on
confidential information about the deal, the SEC said in a July 27 statement
announcing a complaint filed at federal court in Manhattan. The court order
froze about $38 million in assets, the SEC said.
Nexen Inc.’s stock rose more than 50 percent on July 23
after CNOOC Ltd., China’s largest offshore oil and gas explorer, said that it
would pay $15.1 billion in cash to acquire the Calgary-based company in the
biggest overseas takeover by a Chinese firm….
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