News • Dec. 17, 2012
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Dec. 17, 2012, 8:12 AMChina Gas (CGHOF.PK) agrees to buy UK-listed Fortune Oil's Chinese gas business for $400M. The two companies fended off a hostile takeover bid for China Gas this past year. The deal includes a coal bed methane block in Shanxi Province, gas pipeline infrastructure as well as natural gas projects in seven provinces in China. | Comment!
Oct. 16, 2012, 10:54 AMSinopec's (SNP) surprising failure to acquire gas distributor China Gas (CGHOF.PK) could have been very embarrassing but for an arrangement that allowed it to walk away from the much smaller private company without losing face. But more than that, Heard on the Street’s Aaron Back thinks the saga could prove a positive step for the development of China's capital markets. | Comment!
Oct. 15, 2012, 8:25 AMWith regulatory hurdles too high, state-owned Sinopec (SNP) and ENN Energy (XNGSF.PK) drop their $2.2B hostile bid for home-country natgas operator China Gas (CGHOF.PK). All's not lost, though, as China Gas goes for a strategic co-op agreement letting Sinopec sell gas directly to Chinese homes, and allowing for future share buys. (previously) | Comment!
Jun. 28, 2012, 8:26 AMThe $2.15B bid for China Gas Holdings (CGHOF.PK) by Sinopec (SNP) and ENN Energy Holdings (XNGSF.PK) is dealt a blow when a major China Gas shareholder raised its stake at a higher share price. Sinopec and ENN are offering HK$3.50/share, a price China Gas has said fails to reflect the company's fundamental value. | Comment!
Dec. 15, 2011, 3:00 AMSinopec (SNP) says it's "not the time" to talk about raising its joint $2B bid with ENN Energy (XNGSF.PK) for China Gas (CGHOF.PK), even though China Gas rejected the offer yesterday for failing to reflect the company's fundamental value. Analysts believe the rejection could open the door to a rival bidder, and then Sinopec would be forced to reconsider its price. | Comment!
Dec. 14, 2011, 11:10 AM
Dec. 13, 2011, 9:40 AMSinopec (SNP) and piped-gas distributor ENN Energy (XNGSF.PK) plan to spend up to HK$16.7B ($2.15B) to buy the outstanding shares in China Gas Holdings (CGHOF.PK), with the deal part of Sinopec's efforts to turn into a global energy giant. China Gas hasn't decided whether it will recommend the bid. | Comment!
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