Deals
Sinopec, ENN Energy Offer $2 Billion in Cash for China Gas
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China Petroleum & Chemical Corp., known as Sinopec, and ENN Energy Holdings Ltd. offered HK$15.3 billion ($2 billion) in cash for China Gas Holdings Ltd. to gain control of a fuel-distribution network covering 20 provinces.
ENN and Sinopec, Asia’s biggest refiner, bid HK$3.50 a share for the Hong Kong-based company that supplies piped gas to the mainland, the companies said today in a statement. The offer is 25 percent more than China Gas’s last close.