| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: OIL & GAS PRODUCERS |
Addax accepts £4.4bn Sinopec bid |
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Wed 24 Jun 2009
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LONDON (SHARECAST) - Toronto and London-listed oil group Addax Petroleum has been bought by Chinese state-owned oil giant Sinopec in a £4.4bn cash deal that topped rival bidders from China and the Korea National Oil Company.
Sinopec will pay C$52.80 per ordinary share in Addax, a premium of 47% to the price before the bid talks were made public.
”We are pleased that Sinopec has recognised the highly attractive asset portfolio and exceptional team that we have assembled at Addax Petroleum,” said Jean Claude Gandur, chief executive of Addax.
Addax's key assets are in the Kurdish part of Iraq and in West Africa. Addax last year produced 137,000 barrels of oil per day, almost all of which was from Africa. It has just begun production in Iraq.
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