Sinopec makes $1.9 billion offer for Canadian oil firm

Sinopec has launched the biggest Chinese takeover of a listed North American company by making a bid for Tanganyika.

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 companyƆs 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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