Political worries rattle Addax investors (Dealscape

China's state-owned Sinopec Group confirmed weeks of rumors about an Addax Petroleum Corp. acquisition, agreeing Wednesday to buy the company, but investors appear concerned about potential local political hurdles.

Addax shares, listed on the Toronto Stock Exchange, gained about 7.25% to close at $48.96 on Wednesday, a 7.3% discount to the C$52.80 per share, or roughly C$9.7 billion ($8.4 billion) offer price for the Calgary, Alberta, oil explorer. The deal includes about $C8.3 billion in equity and about C$1.4 billion in debt.

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NOT A SUBSCRIBER? Political worries rattle Addax investors Posted on June 25, 2009 8:49 AM China's state-owned Sinopec Group confirmed weeks of rumors about an Addax Petroleum Corp. acquisition, agreeing Wednesday to buy the company, but investors appear concerned about potential local political hurdles. Addax shares, listed on the Toronto Stock Exchange, gained about 7.25% to close at $48.96 on Wednesday, a 7.3% discount to the C$52.80 per share, or roughly C$9.7 billion ($8.4 billion) offer price for the Calgary, Alberta, oil explorer. The deal includes about $C8.3 billion in equity and about C$1.4 billion in debt. This is a free content preview. Subscribers enjoy access to all stories in full as well as second-to-none market intelligence. Dig deeper, with Pipeline. 184 in-depth reports of M&A deals in the Energy sector from the past year 173 company pages related to China 50 articles related to Sinopec Group 11 articles related to Addax Petroleum Corp. 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Skadden Arps Amusement parks Deb Shops Windstream Corp. Diedrich Coffee Hanna Andersson Tween Brands Entertainment Lazard Lyondell Chemical		EXISTING USERS Username Password Forget your password? Missing a product?

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