Deals
Sinopec Says ‘Not the Time’ to Discuss Higher China Gas Bid
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China Petroleum & Chemical Corp., Asia’s biggest refiner, said it’s “not the time” to talk about raising its joint HK$15.3 billion ($2 billion) bid with ENN Energy Holdings Ltd. for China Gas Holdings Ltd.
“We hope their board of directors can consider seriously” the HK$3.50 a share offer for the Hong Kong-based company that supplies gas to the mainland, Fu Chengyu, chairman of the state-owned company known as Sinopec, said in Beijing. China Gas, which yesterday rebuffed the Dec. 13 bid, closed at HK$3.38, 25 percent below the offer.