Sullivan Reps Energy Cos. In $2B Offer for China Gas

Law360, New York (December 13, 2011, 2:49 PM EST) -- ENN Energy Holdings Ltd. and China Petroleum & Chemical Corp. have offered up to $2.15 billion in cash for natural gas distributor China Gas Holdings Ltd. to boost their position in the natural gas supply market in China, the companies said Tuesday.

ENN and China Petroleum & Chemical, commonly called Sinopec, are offering HK$3.50 (US$0.45) for shares of China Gas, which represents a premium of 25 percent over their last closing price, according to the consortium's offer announcement. ENN will put up 55 percent of the...
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