China's Sinopec to acquire Addax Petroleum

Chinese refiner Sinopec agreed to acquire oil and gas exploration company Addax Petroleum Corp. in a deal valued at $8.27 billion Canadian (US$7.2 billion), gaining access to reserves in West Africa and the Middle East.

The wholly owned subsidiary of China Petrochemical Corp. will pay $52.80 Canadian (US$46.17) per share.

Geneva-based Addax, which previously disclosed it was in sale talks, said Wednesday its board has unanimously approved the deal, which is subject to regulatory approval. It is listed on exchanges in London and Toronto.

The takeover is the latest effort by Chinese energy and resource companies to expand and diversify overseas assets as Beijing seeks to secure scarce resources for the country's future growth.

Read Full Article from AP

- Posted: 2009-06-24 10:04:01

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