China's Sinopec in Bid for Canadian Oil Company
Sinopec International Petroleum (SIPC), the international trading arm of Chinese energy giant Sinopec Corp, has launched a cash offer worth $1.9 billion for Toronto-listed Tanganyika Oil. In what is being billed as the largest takeover of a North American public company by a Chinese entity, Sinopec is offering C$31.50 per Tanganyika share, a premium of 48% over the Canadian company's 30-day average trading price on the Toronto Stock Exchange and a 21.2% premium to Wednesday's close of $26.
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