Thursday, May 3, 2012

UPDATE 1-Canadian Solar Denies CNOOC Takeover Talk

Canadian Solar Inc denied reports in the Chinese media that China National Offshore Oil Co Ltd (CNOOC) was negotiating to buy the solar panel maker, trimming the gains that had lifted its shares as much as 31 percent in premarket trading.

"Canadian Solar is not currently in discussion with China National Offshore Oil Corp regarding a potential strategic transaction between the two companies," a company spokesman said in an email.

China Business Journal first reported on April 14 that CNOOC was negotiating the purchase of Canadian Solar, which is headquartered in Canada but has most of its operations in China. Canadian Solar shares are listed on the NASDAQ.

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