China Petrochemical Corporation ("Sinopec Group") announced that the acquisition of Addax Petroleum Corporation ("Addax") was successfully completed after nearly six months of due diligence and negotiation. Sinopec Group signed the acquisition agreement at an offer price of CAD 52.8 per share on June 24, 2009. It was approved by the Chinese regulatory authorities on August 6th. All pre-requisite conditions have been satisfied, hence Sinopec Group announced the successful closing of this transaction today. Addax Petroleum Corporation is an independent oil producer, established in 1994 and headquartered in Switzerland.....Complete Story
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