Investor Ups China Gas Stake, Hurting Sinopec's $2B Bid

Law360, New York (June 28, 2012, 2:17 PM EDT) -- Beijing Enterprises Holdings Ltd. has completed its second buying spree of China Gas Holdings Ltd. stock in the past two months, further damaging a China Petroleum & Chemical Corp.-led $2.15 billion takeover bid for the gas company, according to a securities filing Thursday.

The Beijing city-owned gas company said in a filing with the Hong Kong Securities and Futures Commission that it has acquired an additional 132 million shares of China Gas at between $0.47 and $0.51, increasing its stake in the Hong Kong-based gas company...
To view the full article, register now.