China's Sinopec to buy Addax for $7.2 bln

China’s Sinopec Group agreed to buy Addax Petroleum Corp for about C$8.27 billion ($7.24 billion) in a move to secure the Swiss oil and gas explorer’s high potential oil blocks in West Africa and Iraq’s Taq Taq field.

The offer of C$52.80 per share from Sinopec International Petroleum Exploration and Production Corp, in a bidding contest with Korea National Oil Co, is about 16 percent higher than Addax’s Tuesday closing price.
Reuters