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Wednesday, Sep 410:25 AMYanchang's takeover of Novus signals China's return to Canadian oil patch
Wednesday, Sep 410:25 AM| Comment!
- Yanchang Petroleum agrees to buy Novus Energy (NOVUF.PK) for $232M, in China’s biggest purchase of a Canadian oil and gas company since Cnooc’s takeover of Nexen.
- Yanchang will pay $1.18/share for Novus, 42% more than yesterday's closing price in Toronto.
- Buying Novus gives Yanchang assets in western Canada that produced 3,452 boe/day as of June 30, 20% more than a year earlier.
Wednesday, Aug 289:06 AMReport: Yanchang Petroleum to acquire Novus Energy for C$500M|Wednesday, Aug 289:06 AM| Comment!