PetroChina Deal Underlines Shift In Chinese Acquisitions

State-run PetroChina had boosted its stake in the Singapore Petroleum Company (SPC) to 70.13% as of July 24, according to Platts, in a move that represents PetroChina's first takeover of a publicly listed company in line with its strategic expansion drive in the Asia Pacific region. Following its acquisition of a 45.5% stake in SPC from Singaporean conglomerate Keppel on June 21, PetroChina swiftly followed through with the buy-out of SPC's traded shares. SPC's remaining shareholders have until August 21 to take up PetroChina's offer of SGD6.25 (US$4.3) per share, the same price offered to Keppel. PetroChina plans to delist

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