Canada’s government has approved China’s biggest overseas energy acquisition, a €11.7bn takeover by state-owned CNOOC of oil and gas producer Nexen.

Takeover activity helped lift the London market higher today after blue-chip Old Mutual said it had entered into exclusive talks with HSBC to sell South African bank Nedbank.

Blue-chip Old Mutual led the FTSE 100 Index higher today as miners also lent support on hopes that Australia’s election result will scupper a new super tax.