Addax Petroleum Seals Take-over Bid with Chinese Firm
By Ejiofor Alike, 06.25.2009
After weeks of speculations, Swiss-based oil and gas company, Addax Petroleum, has finally concluded a take-over bid with Sinopec International Petroleum Exploration and Production Corporation (SIPC) of China. Korean National Oil Company (KNOC) had been competing with Sinopec for the take-over of Addax in a bid worth over $8 billion. Addax yesterday announced $52.80 (Canadian dollar) per sha...
