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Sinopec announces USD46 per share cash offer to acquire Addax Petroleum Corp.
Latest Updated at 2009-June-25 09:38:24
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Sinopec Group, the nation's largest oil refiner, announced Wednesday it would offer 52.8 Canadian dollars (46 USD) per share to acquire all the outstanding common shares of Addax Petroleum Corp.

The deal would cost more than 7.2 billion USD.

The 52.8-Canadian-dollar offer represents a 47 percent premium over the closing price on the Toronto Stock Exchange of Addax Petroleum common shares on June 5, the day prior to Addax's public announcement of sales talks.

The acquisition agreement received unanimous support from the Board of Directors of Addax Petroleum, said a statement released by the Sinopec Group.

Completion of the offer was subject to certain governmental approvals but was not conditional on financing, it said.

The Sinopec called the acquisition a "transformational transaction," as the acquisition would "optimize its offshore oil and gas asset portfolio."

"Addax Petroleum's exploration potential, particularly in offshore deepwater exploration projects, will provide a strong platform for the Sinopec's ongoing growth and development," it said.

The Geneva-based Addax Petroleum, listed in London and Toronto, is one of the largest independent oil producers in West Africa and the Middle East. It produced approximately 140,000 barrels of oil per day (equivalent to 7 million tonnes a year) in 2008.

Editor: 寮犺幑

By: Source: China View website

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