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Valuation in Cross-border M&A: Based on the Case of "CNOOC’s Acquisition of Canada NEXEN"

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DOI: 10.25236/ACEPMB.2019.036


Chang Yifan

Corresponding Author

Chang Yifan


Based on the theoretical analysis of valuation in cross-border M&A, this paper takes "CNOOC’s Acquisition of Canada NEXEN" as an example to get the value of the target company, and makes a an analysis of the rationality of this valuation. The rationality is tested by the actual situation after the acquisition. The study finds that, represented by "CNOOC’s Acquisition of Canada NEXEN", the results of valuation in cross-border M&A of Chinese enterprises are higher in many cases than it should be. Then some suggestions for improvement are put forward. This paper analyses the rationality of valuation and pricing of cross-border M&A of Chinese enterprises, which provides a basis for Chinese enterprises to implement the "Going out" strategy while avoiding irrational overseas investment and preventing the loss of the interests.


Cross-border M&A; Valuation; Analysis of Rationality