China Manmade Fibers Denies Report Sinopec Group May Buy Stake

China Manmade Fibers Corp. denied a report that China Petrochemical Corp., known as Sinopec Group, may buy a stake in the Taiwan-based chemical maker.

Sinopec plans to acquire a stake in the Taiwanese company for more than NT$20 a share, the Taipei-based China Times reported on its website today, without saying where it got the information.

“We haven’t been in contact,” Wu Hung-yang, a spokesman at China Manmade Fibers, said by phone from Taipei today. Wu said he doesn’t have any knowledge of the reported plan. Huang Wensheng, a Beijing-based spokesman for Sinopec, said he hasn’t heard about the matter.

China Manmade Fibers climbed 1.7 percent in Taipei trading to close at NT$17.85, the highest since April 28, 2004.

To contact the reporter on this story: Yu-huay Sun in Taipei ysun7@bloomberg.net. Baizhen Chua in Beijing at bchua14@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.

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