China National Offshore Boosts Stake in Coalbed Methane Producer
China National Offshore Oil Corp., parent of Cnooc Ltd. (883), said it agreed to buy an additional 20 percent of China United Coalbed Methane Corp., or China CBM, boosting its stake to 70 percent.
China National Offshore signed an accord with China National Coal Group Corp. in Beijing today for the purchase, pending government approvals, according to a statement on the buyer’s website. China National Coal will retain the remaining 30 percent in China CBM, the oil company said.
The announcement didn’t give financial details of the deal.
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