Chinese oil refiner Sinopec has lodged a USD8bn bid to acquire Toronto-listed oil exploration and production firm Addax, whose operations are mainly focused in West Africa and the Middle East, including Iraq.
Addax has reportedly signed an agreement with Sinopec International Petroleum Exploration and Production Corp., after it outbid rival Asian suitors for Addax, thought to be from Korea and India.
If the deal is approved by Chinese regulators, it would become the largest foreign takeover by a Chinese company.
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