Reuters: Tencent, Couche-Tard on short-list for $16B Sinopec unit sale

|By:, SA News Editor

Canada's Alimentation Couche-Tard (OTCPK:ANCUF) and China's Tencent Holdings (OTCPK:TCEHY, OTCPK:TCTZF) reportedly are among suitors on the short list to buy a $16B minority stake in China's Sinopec Sales (SNP, SHI), the world's largest fuel retail network.

Sinopec plans to sell up to 30% of Sinopec Sales by year-end 2014 as China restructures government-owned assets; while a deal would give investors little control over the company, a likely exit through an IPO planned within three years appears to have attracted a wide range of suitors.

Sinopec Sales booked a net profit of 25.1B yuan ($4.1B) in 2013 from 30K-plus service stations and 23K-plus convenience stores.