China state-owned oil refiner China Petroleum and Chemicals Corporation (Sinopec) has sealed a C$8.27bn (US$7.2bn) takeover deal to acquire Swiss oil explorer Addax Petroleum.
The deal is expected to be China’s largest ever outbound investment in the oil and gas industry.
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The deal will give Sinopec access to Addax’s high potential oil resources in West Africa and Iraq, the company said.
Sinopec’s offer of $C52.80 per share of Addax, 16% more than Addax’s closing share price on Tuesday, was enough to beat competing Korea National Oil Company.
The agreement includes a contract termination fee of C$300m ($325.5m).
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By GlobalData
