Notable Mergers and Acquisitions of the Day 6/24: SNP, AAUK, CSR, PEP - Street Insider

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Notable Mergers and Acquisitions of the Day 6/24: SNP, AAUK, CSR, PEP
Jun 24, 2009 01:38 PM UTC

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Via StreetInsider.com News Articles:

Asia's largest oil company Sinopec (NYSE: SNP) agreed to acquire Addax Petroleum Corporation, one of the largest independent oil producers in West Africa, for $7.2 billion in cash.

Sinopec said the acquisition of Addax is "transformational." Sinopec said the acquisition will help it "achieve its strategic objective to build a stronger presence and operations in West Africa and Iraq, accelerating its international growth strategy as well as optimizing its offshore oil and gas asset portfolio."

The deal marks China's aggressive push into West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West

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