Sinopec agrees to buy Addax for $8-billion
China's biggest oil products company, Sinopec, has agreed to buy Toronto-listed Addax Petroleum Corp. [AXC-T] for $52.50 a share, valuing the company at more than $8-billion.
The price was somewhat higher than expected. Earlier this week, the shares were trading at about $45 a share as investors took the view that the company was fully valued. The offer represents a 47 per cent premium to the closing price on June 5, the day before Addax announced it was in discussions with potential buyers.
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