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Sinopec announces acquisition of Geneva-based Addax

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

Related readings:  Sinopec's bid for Addax gets nod  Sinopec to buy Addax for $7.3b  Sinopec Corp denies Addax Petroleum bid  Sinopec planning Addax takeover

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.