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Sinopec to acquire Addax Petroleum

2009-06-29 10:24 BJT

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China's biggest oil refiner, Sinopec, announced it was making an offer of 46 US dollars per share to acquire all the outstanding common shares of Geneva-based Addax Petroleum Corporation.

China's biggest oil refiner, Sinopec, announced it was making an offer of 46 US dollars per share to acquire all the outstanding common shares of Geneva-based Addax Petroleum Corporation.
China's biggest oil refiner, Sinopec, announced it was making an 
offer of 46 US dollars per share to acquire all the outstanding 
common shares of Geneva-based Addax Petroleum Corporation.

The offer represents a 47 percent premium over the closing price on the Toronto Stock Exchange of Addax Petroleum common shares on June the 5th, the day prior to Addax's public announcement of sales talks. The deal would have a total cost of more than 7.2 billion US dollars.

Sinopec called the acquisition a "transformational transaction", hoping Addax Petroleum's exploration potential, particularly in offshore deep water projects, will provide a strong platform for Sinopec's growth.

Addax Petroleum is one of the largest independent oil producers in West Africa and the Middle East. It produced nearly 7 million tons of oil in 2008.

Editor: Liu Anqi | Source: CCTV.com