Sinopec Group Eager for Switzerland-based Addax Petroleum   

China Petrochemical Corporation (Sinopec Group) is eager to acquire Switzerland-based Addax Petroleum Corporation through its fully-owned subsidiary Sinopec International Petroleum Exploration and Production Corporation (SIPC), the oil giant released on June 24th.  
   SIPC has entered into a definitive agreement with Addax Petroleum, pursuant to which SIPC has agreed, subject to the terms of the Support Agreement, to make an offer to acquire all of the outstanding common shares of Addax Petroleum by way of a negotiated take-over bid for C$52.80 per common share in cash. The aggregate value of this transaction will be approximately C$8.27 billion or US$7.24 billion.
   Addax, which is based in Geneva, Switzerland, and listed in London and Toronto, is one of the largest independent oil producers in West Africa and the Middle East, with oil fields in Nigeria and the autonomous Kurdish region of northern Iraq. It has increased its crude oil production from an average of 8.8 Mbbl/d for 1998 to an average of 134.7 Mbbl/d for the first quarter of 2009.
   The deal, pending for regulating authority's approval, and if successful, will help Sinopec Group strengthen its oil upstream businesses worldwide and realize the international expansion strategy, the company says.
   Addax Petroleum will by increased investment from Sinopec Group accelerate its development and exploration plans to benefit all stakeholders, according to Addax.
   SPIC, which specializes in the international investment and operations representative of Sinopec Group, has expanded its oil/gas exploration and development businesses to Africa, the Central Asia, the Middle East, Russia, America and South Asia.