China's Sinopec buys Canadian oil company
September 27, 2008 BEIJING (AFP) - Asia’s top oil refiner Sinopec has signed a deal to buy Canada’s Tanganyika Oil Co. for 2.07 billion Canadian dollars (2 billion US), Chinese state media said Saturday.
China’s Sinopec has agreed to pay 31.50 Canadian dollars per share, an 8.8 percent premium on the company’s closing share price on Friday, Xinhua news agency said.
The deal is subject to approval from China’s government, a source at Sinopec Group told Xinhua.
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