China’s Sinopec puts up $7.2 billion for Addax Petroleum; largest overseas bid so far

TORONTO — China’s Sinopec will acquire oil explorer Addax Petroleum for $7.2 billion, again flexing the country’s economic clout in what would be the largest overseas takeover ever by a Chinese company.

Chinese refiner Sinopec to buy Canada’s Addax Petroleum for $7.2 billion

CALGARY, Alberta — Canadian oil and gas exploration company Addax Petroleum Corp says that it has agreed to be acquired by Chinese refiner Sinopec in a deal valued at $8.27 billion Canadian (US$7.2 billion).

Chinese refiner Sinopec to buy Canada’s Addax Petroleum

CALGARY, Alberta — Chinese refiner Sinopec agreed to acquire oil and gas exploration company Addax Petroleum Corp. in a deal valued at $8.27 billion Canadian (US$7.2 billion), gaining access to reserves in West Africa and the Middle East.