Petrochina pumps up the war chest

Chinese oil company raises equity to fund country''s aggressive search for global oil assets.

Hong Kong and New York listed Petrochina raised HK$18.98 billion $2.43 billion yesterday Wednesday from the sale of a 3.164 billion share deal via Citigroup, Deutsche Bank and Goldman Sachs. The deal was priced at HK$6 per share and there is also a 351.65 million share greenshoe that could lift proceeds to HK$21.089 billion $2.7 billion.

At this level, the offering came at a 4.8% discount to the stock's HK$6.3 close on Tuesday August 30 and a 6% discount to the ADR close later the same day. On an ex-dividend basis, it was priced at a 2.4% discount to the local close and a 3.8% discount...

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