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Posted AT 3:23 PM EST on 02/12/08

Nexen shares surge on bid report

Reuters

CALGARY — Nexen Inc. shares jumped by nearly a third Tuesday after a report said that French oil major Total SA is poised to make a $19.7-billion takeover offer for Canada's fourth biggest independent oil explorer. The Financial Times reported on its website that Total's board of directors was meeting to approve a $38-a-share offer for Nexen.

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