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This is an archive article published on February 15, 2010

Nomura to buy European ops of Nexan

Nomura said it will buy European ops of Nexan in a move to boost its presence in commodities trading.

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Japanese financial services major Nomura said it will buy the natural gas and power trading business of Canada-based Nexen Inc in a move to boost its presence in commodities trading.

Nomura,which took control of Lehman Brothers’ Asian and European units,said it has entered into a binding agreement to acquire Nexen Energy Marketing London Ltd (NEML),a statement said.

However,the company did not specify the size of the deal.

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NEML has trading business in the UK,Belgium,the Netherlands and Germany and access to natural gas storage and transportation capabilities.

NEML,which is listed in Canada and the US,is a wholly-owned subsidiary of Nexen Inc.

“The acquisition of NEML will immediately provide Nomura with a power and gas business in Europe and presence in our key focus European markets,” Head of Commodities in Europe,the Middle East and Africa EMEA Jason Tudor said.

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