Finance / Canada
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Sinopec To Acquire Tanganyika Oil
September 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Chinese refiner China Petroleum and Chemical Corporation (Sinopec) agreed to acquire Canadian explorer and producer Tanganyika Oil for CAD1.9bn (US$1.8bn), beating off competition from India's state-controlled Oil and Natural Gas Corporation (ONGC). Sinopec has offered CAD31.50 per share in cash for the Toronto and Stockholm listed company. Tanganyika's board has unanimously recommended the offer to its shareholders.