Sinopec announces acquisition of Geneva-based Addax

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(Xinhua)
Updated: 2009-08-18 16:14

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China Petrochemical Corporation (Sinopec Group) announced Tuesday it has successfully acquired Geneva-based Addax Petroleum Corp through its wholly-owned Sinopec International Petroleum Exploration and Production Corporation (SIPC).

SIPC' s bid for Addax is C$52.8 ($46) per share, or over C$8.32 billion in total, the largest overseas takeover transaction ever made by a Chinese oil company.

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