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Sinopec said in talks to buy Addax

CHINESE refiner Sinopec is in preliminary talks on acquiring Canadian oil and gas exploration company Addax Petroleum Corp, reports said yesterday.

The potential takeover bid is the latest effort by Chinese energy and resource companies to expand and diversify overseas assets.

Addax, whose shares are listed in Toronto and London, issued a statement noting speculation over a possible acquisition after its shares soared on Monday.

"Addax Petroleum acknowledges that it has held preliminary discussions with third parties expressing an interest in a potential transaction with the corporation," it said, without naming Sinopec or any other names.

It said there was no assurance the talks would succeed and that the firm would not issue any further comments unless a deal is reached.

China Business News, citing unnamed Sinopec sources, yesterday said the takeover would be worth about US$8 billion. However, reports of earlier acquisition overtures valued the firm at about US$3 billion.


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