Sinopec/Daylight

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.
<div style="text-align:right; font-size:7pt; color:rgb(119, 119, 119);">
Photo: ImagineChina</div>
<div style="text-align:right; font-size:7pt; color:rgb(119, 119, 119);"> Photo: ImagineChina</div>

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 Toronto Stock Exchange up to October 7. However, Daylight’s share price has been falling as equity markets worldwide grow increasingly nervous about macroeconomic conditions and closed at C$4.59 on Friday. The price at which Sinopec...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222