Sinochem To Pay $877M For UK's Emerald Energy

Law360, New York (August 12, 2009, 5:32 PM EDT) -- The British unit of China's state-owned Sinochem Corp. has agreed to pay roughly £532.1 million ($876.7 million) to purchase Emerald Energy PLC, a U.K.-based oil and gas exploration business with interests in Syria and Colombia, the two energy companies announced Wednesday.

The offer, which received unanimous support from Emerald's board of directors, provides 750 pence ($12.40) in cash per share, the companies said.

That figure is nearly 34 percent higher than Emerald's closing price Monday, the last day before the company announced it had received an...
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