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 52.8 Canadian dollars (US$46) per share, totally over 8.32 billion Canadian dollars, the largest overseas takeover transaction ever made by a Chinese oil company.
(Xinhua News Agency August 18, 2009)
