| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia's largest oil and gas company PetroChina Co. Ltd. (NYSE:PTR) added to the May 2009 tally, pulling off the acquisition of a 45.5% stake in Singapore Petroleum from Keppel Corp. for 1.47 billion Singapore dollars ($1.02 billion) May 24. The deal marks the first time Beijing-based PetroChina has made a cross-border acquisition of a public company, and it's the first middle-market energy deal in May in Asia, according to Pipeline. This likely won't be the last time you hear from PetroChina when it comes to Singapore Petroleum. According to Singapore law, the buyer is required to make an offer for the rest of the company because it purchased more than 30% of it. Additionally, PetroChina has been known to be highly acquisitive in general as it prepares for an uptick in energy demand in the world's most populous country. The International Energy Agency says demand for energy worldwide has slipped during the global recession. PetroChina, as well as other Chinese energy majors, will likely look to more midmarket M&A deals to acquire "upstream oil exploration assets around the worked to secure energy supplies," according to Reuters. Here's a look at energy middle-market M&A deals year-over-year for the month of May:
- Gerald Magpily
CategoriesContributed content from Middle market video
Categories
Blog roll
Archives
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Middle-market dealmaking in the energy sector remains on pace for May compared with the year-ago period. There have been nine middle-market M&A deals this month, versus 10 last May, according to data from The Deal Pipeline. 
|
|
|
|
|
