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While traditional shareholders are being told to sell Addax Petroleum’s into Sinopec’s offer for the company, the hedge fund crowd is being urged to dive right in to this Nigerian and Iraqi oil play. Addax AXC-T stubbornly traded well below the $52.80 on Wednesday after the state-owned Chinese oil company launched a friendly bid at that price. Shares in TSX-listed Addax closed at $48.96. That gap reflects three different levels of political risk around this deal. Right now, Addax and Sinopec need some sort of sign off from three different governments to close this deal. Politicians in China, Nigeria and Kurdistan will all have an opportunity to review the transaction. On the surface, that’s a whole lot of uncertainty. But Scotia Capital peeled back all the layers of this deal, and said in a report Wednesday: “We see a high... [read full story]
China's growing influence in the Afghan economy has been hailed by the country's mining minister who has revealed that projects acquired to feed Beijing's industrial base will triple government revenues within five years.
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Respected: Arsenal manager Arsene Wenger Arsene Wenger is being targeted for a lead ambassador's role by England's 2018 World Cup bid team in a bid to inject new impetus into the campaign. There are those on the board who want...
Saracens claimed their eighth win in succession as they beat Wasps 22-6 to cement their lead at the top of the Guinness Premiership. Dominant in the scrum and fuelled by the confidence gained from beating South Africa on...
