sinopec-makes-19-billion-offer-for-canadian-oil-firm

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 companyÆs 30-day average trading price on the Toronto Stock Exchange and a 21.2% premium to Wednesday's close of $26.

The offer price gives Tanganyika, which is also listed in Stockholm, an implied enterprise value of $1.8 billion.

SinopecÆs offer has been recommended by the board of Tanganyika and shareholders holding 16.2% of the Canadian company...
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