Addax Petroleum agrees to $8.3 billion acquisition by Sinopec Group, the largest acquisition ever by a Chinese, state-owned company
Client
Addax Petroleum Corporation
On June 24, 2009, Addax Petroleum Corporation (TSX: AXC and LSE: AXC) announced that it had entered into a definitive agreement with Sinopec International Petroleum Exploration and Production Corporation ("SIPC") pursuant to which SIPC agreed to make an offer to acquire all of the outstanding common shares of Addax Petroleum by way of a negotiated take-over bid for $52.80 per common share in cash.
SIPC's proposed $8.3 billion purchase will be the largest acquisition ever by a Chinese, state-owned company.
Addax Petroleum is being advised by a team from the Toronto, Calgary and London offices of Fasken Martineau, including: John Turner, Richard Steinberg, Aaron Atkinson, Richard Peters, Nigel Gordon, June Paddock, John Elias, Krisztian Toth, Tanner Helwig, Mark Lefler and Amanda Fullerton (securities); Huy Do (competition); and Mitchell Thaw (tax).
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