Financial Briefs

Breaking financial news from Wall Street to Main Street

China’s Sinopec Acquiring Tanganyika Oil

Posted by financialbriefs on September 25, 2008

In a statement released Thursday, Tanganyika announced that it had reached a deal that would see all of its outstanding common shares acquired by Chinese refiner Sinopec International Petroleum Exploration and Production Corporation (SIPC) for $2 billion.

The all-cash transaction, valued at $31.50 per share, represents a significant premium for the company based on recent and historical stock prices, according to the statement.

Tanganyika shares soared last week after the Calgary-based company announced it had entered into sales talks without identifying the third party involved.

On Wednesday, the stock price stood at $26, just 75 cents shy of an all-time high reached in early July and nearly three times the historical low of $9.89 set in January

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