Investor's China Gas Buyup Challenges $2B Sinopec Bid

Law360, New York (May 7, 2012, 9:14 PM EDT) -- A Beijing city-owned gas company on Monday bought $85.4 million worth of stock in China Gas Holdings Ltd., challenging China Petroleum & Chemical Corp. and ENN Energy Holdings Ltd. to raise its $2.15 billion takeover bid for the utility.

The buy more than tripled Beijing Enterprise Holdings Ltd.'s stake in China Gas, which since December has been the target of a takeover by China Petroleum & Chemical, Asia's biggest oil refiner more commonly known as Sinopec, and ENN, a listed Hong Kong utility. Beijing Enterprises paid...
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