Deals
Yanchang Petroleum Agrees to Buy Novus Energy for C$232 Million
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Yanchang Petroleum International Ltd. agreed to buy Novus Energy Inc. for C$232 million ($220 million) cash, in China’s biggest purchase of a Canadian oil and gas company since Cnooc Ltd.’s takeover of Nexen Inc.
Yanchang will pay C$1.18 a share for Novus Energy, 42 percent more than its closing price yesterday, the Alberta-based company said in a statement. Yanchang said it will help fund the purchase by selling HK$1.6 billion ($206 million) in convertible bonds to its parent Shannxi Yanchang Petroleum Group Co., China’s fourth-largest producer.