Sinopec
China Petroleum and Chemical Corporation ("Sinopec Corp."
or "the Company") is an integrated energy and chemical
Company with principal businesses of exploration, production
and trading of petroleum and natural gas, refining and sales
of petroleum products and production and sales of chemical
products. The major assets of the Company are mainly in
eastern and southern districts of China, which are enjoying
the fastest economic growth in China.
See more information about Sinopec
Sinopec to buy Addax Petroleum for C$8.27 billion
Addax Petroleum Corp (TSX, LSE: AXC) said it has agreed to a takeover of the group by China’s Sinopec International Petroleum Exploration and Production Corp (SIPC) at C$52.80 per share in cash, valuing Addax at approximately C$8.27 billion.
The offer represents a 47 percent premium to Addax petroleum’s TSX closing price on June 5 2009, the day before the group announced it was in preliminary offer talks.
SIPC is a wholly owned subsidiary of China Petroleum and Chemical Corp and undertakes overseas investments and operations in the upstream oil and gas sector.
The deal includes a break-up fee of C$300 million payable to Addax if all approvals required to be obtained by SIPC from the Chinese government have not been obtained by August 24 2009 and Addax elects to terminate the deal.
Other Sinopec news
- Sinopec posts 333pct increase in H1 profit
2009-08-24 - Sinopec to raise fuel exports
2009-02-27
