Sinopec, ENN Eye China Gas Venture After Failed $2B Buy

Law360, New York (October 15, 2012, 8:07 PM EDT) -- China Petroleum and Chemical Corp., known as Sinopec, and ENN Energy Holdings Ltd. on Monday abandoned their $2.2 billion bid for China Gas Holdings Ltd. after it failed to win antitrust approval and instead entered a strategic agreement with China Gas to develop and sell liquefied petroleum gas products, the companies announced.

The trio’s strategic cooperation framework agreement ends a nearly yearlong takeover bid after Sinopec and ENN did not receive necessary government approval under Chinese anti-monopoly law for the proposed buyout but creates new business...
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