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Sinopec to take over Canada's Tanganyika

By Wan Zhihong (chinadaily.com.cn)
Updated: 2008-12-16 18:03

Sinopec has announced that it has received approval from the Chinese government for the takeover of Canada's Tanganyika Oil Co.

China's largest refiner will buy Tanganyika at a price of C$31.5 ($25.5) per share. The total value of the deal is estimated at around 13 billion yuan.

The offer is open for acceptance until Dec 19, 2008, unless withdrawn or extended.