Home | About Us | Contact Us | Site Map | Chinese
News | Biz | Pearl River Delta | Enjoy Life | Culture | Travelling | Pics | Cities & Towns | Gov Info | Specials
Home> Business>EnterprisesAndProducts
Sinopec announces USD46 per share cash offer to acquire Addax Petroleum Corp.
Latest Updated at 2009-June-25 09:38:24
Related News
Guangdong tightens checks on scrap metal
CNOOC, BG group sign agreement for Australian LNG project
PetroChina sets up joint venture with Venezuela national oil company
FedEx closing hub in Philippines, moving to China

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

"Pig Beauty" competition held in Guangdong

Folk custom in S China: Jumping over bonfire

Liuxi lake attracts egrets

Direct container lines between South China and Taiwan inaugurated

Pirates of the Caribbean 3 premieres in China
This site contains material from other media for content enrichment purpose only.
The website do not endorse such content and do not bear the joint responsibility of their copyright infringement.
The views expressed in written material posted to the bulletin boards of are those of the authors and/or publishers. The website does not endorse information products posted by organizations and individuals here. The originators of these information products are solely responsible for their content.
For copyright infringement issues, you shall contact within thirty (30) days. Email:
If you find any error in this page, please drag your mouse to mark the text with error, then press "CTRL" and "ENTER", to inform us. Thanks for your help!
Home  |  About Us  |   Contact Us  |  Site Map  |  Chinese
©2005 WWW.NEWSGD.COM. All rights reserved.registered number 020074 Terms of Use | Advertise | ICP Certificate No.B2-20050252
Guangdong Gov Link
Guangdong Gov Brief
State Structure
Guangdong in Brief
Laws & Regulations
Exchange Rate
Guangdong Guide
Museum Museum
University University
Eat Eat
Shopping Duting
Night Life Night Life
Weather Weather
Phone No. Phone Num
Consulate Consulate
Airport Airport
Travel Tips Tours Tips