Addax Petroleum Corp. of Calgary has struck an $8.27-billion deal to be taken over by Sinopec International Petroleum Exploration and Production Corp., a Chinese company. Sinopec will pay $52.80 in cash for each share of Addax. The companies said the offer represents a 47 per cent premium to the closing market price of Addax common shares on June 5, 2009, the day before Addax publicly said it was in preliminary discussions with parties regarding a potential transaction. The board of Addax has unanimously approved Sinopec's offer, and the top executives... [read full story]
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