A consortium comprising Citic Capital, Boyu Capital, Canada Pension Plan, TPG and KKR have bid for a 30% stake in Sinopec’s retail unit, according to a source familiar with the matter.
The sale of Sinopec's stake in its retail unit, which includes more than 30,000 petrol stations and 23,000 convenience stores, is part of China’s efforts to court private capital to make its sprawling state-owned enterprises SOEs more efficient.
The stake in Sinopec’s retailing unit could fetch more than $20 billion, according to a Barclays research report in February. As of April 30, Sinopec's retail arm, known as Sinopec Sales, had assets worth Rmb341.7 billion $55...
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