Sinopec buys Daylight for $2.1 billion

Sinopec inks a deal to buy Canada's Daylight Energy for more than $2 billion as China’s government-controlled companies remain hungry for natural resources.

Sinopec buys Daylight for $2.1 billion
Photo: ImagineChina

China Petrochemical Corporation, better known as Sinopec, is back on the acquisition trail after a brief hiatus and yesterday announced its biggest deal so far this year, paying C$2.2 billion $2.1 billion for Daylight Energy, an oil and natural gas producer with assets in Alberta and British Columbia in Canada.

The price translates to a per share price of C$10.80, which is a 44% premium to the 60-day weighted average price of Daylight on the...

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