Sinopec reaches deal to acquire Addax
Sinopec announced that it has agreed to buy Addax Petroleum.
China's second-largest oil company, has agreed to pay US$7.2 billion for Addax which is a Toronto and London-listed firm with assets in Africa and Iraq. Sinopec will offer, via its subsidiary Sinopec International Petroleum Exploration and Production Corp, C$52.80 (US$45.99) per share. That is a 47% premium on Addax's last traded share price after it was suspended from trading by the Toronto Stock Exchange on June 5.
If the deal is completed, it would be the single largest oil and gas acquisition by a Chinese firm over taking last year's China National Offshore Oil Corp's (CNOOC) US$4.3 billion acquisition of Norwegian firm Awilco Offshore.
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