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China's Sinopec to buy Addax for $7.24 Billion

24th June, 2009

hexgear

Sinopec Group launched China's biggest-ever foreign oil acquisition on Wednesday, agreeing to buy Addax Petroleum Corp AXC.TO for about C$8.27 billion ($7.24 billion) to secure the Swiss oil explorer's high-potential oil blocks in West Africa and Iraq.

The offer of C$52.80 a share from Sinopec International Petroleum Exploration and Production Corp -- coming after a behind-the-scenes bidding war with Korea National Oil Co -- is a 16 percent premium to Addax's closing share price on Tuesday and more than four times the stock's November low of C$12.13.

Asset: Addax Petroleum Source: http://www.reuters.com/article...

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