China’s Sinopec Offers $7.22 Billion for Oil Firm

The New York Times reports:

The giant Chinese oil company Sinopec has made a $7.22 billion takeover bid for the international oil and gas exploration company Addax Petroleum, the companies announced Wednesday.

The takeover would give Sinopec access to Addax’s stakes in oil fields off the coast of West Africa, as well as in Iraq. Sinopec already has interests in Gabon as well as Sudan. Its parent, Sinopec Group, is wholly owned by the Chinese government.

Sinopec, formally known as China Petroleum and Chemical Corp., is offering 52.80 Canadian dollars, or $46.12, per share for the remaining common shares of Addax. The Addax board has recommended that shareholders accept the agreement, and senior executives have signed onto a lock-up agreement to sell Sinopec their 38 percent stake in the company.

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