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Sinopec to buy Addax for $7.3b
By Wan Zhihong (China Daily)
Updated: 2009-06-25 07:51 Sinopec Group, China's second largest oil company, yesterday agreed to buy the Geneva-based oil and gas producer Addax Petroleum Corp for $7.3 billion, in a bid to tap oil reserves in West Africa and the Middle East.
Sinopec Group made the deal through its subsidiary Sinopec International Petroleum Exploration and Production Corp (SIPC). The company offered to pay C$52.80 ($45) per share in cash for the takeover, the Beijing-based Sinopec said in a statement yesterday.
"In addition, Addax Petroleum's exploration potential, particularly in offshore deepwater exploration projects, will provide a strong platform for SIPC's ongoing growth and development," it said. The full text is available in the June Issue of China Energy. Please visit publications for more subscription details.
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