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China highlighted its ambitions to expand in the resources sector on Thursday when state-owned Sinopec - one of China’s largest oil companies - agreed to a C$8.3bn ($7.2bn) takeover of Addax, a Swiss-based oil company listed in Toronto and London with interests in Africa and Iraqi Kurdistan. The deal would mark China’s largest ever outbound investment in the oil and gas sector, according to Dealogic. Sinopec will pay C$52.80 per share to acquire Addax, a 16% premium to its closing price on Tuesday and an almost 50% premium to the price before it announced the talks.
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