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China Gas Information
In the fifth delay after the acquisition, has been reluctant to raise price of China petroleum and chemical co., LTD. (hereinafter referred to as sinopec) and the new Austrian energy holdings co., LTD. (hereinafter referred to as the new Austrian energy) on October 15, joint announcement, announced on China's gas of the takeover offer no longer continue.
The Wall Street journal evaluation, this is China's first private enterprise by the state-owned enterprises to a hostile takeover offer, its failure shows that, the Chinese private enterprise can withstand from state-owned enterprise merger and acquisition.
It is notable that sinopec finally still have gained ground. The latest announcement later, China gas immediately announced, sinopec and China gas signed a strategic cooperation framework agreement, including by sinopec subscribe China gas shares, both sides set up a joint venture company, etc.
Have five degrees delay acquisition
Since December 2011, 13 new Mr Energy and sinopec trying to hk $16.7 billion acquisition of Chinese gas, China has gas shareholders - British rich in petroleum, founder LiuMingHui, Beijing holding group, sk group has been rushed to increasing China gas shares, pushing up China's gas prices, the sniper new Austrian energy and sinopec. All the way walk high share prices forced the new Austrian - sinopec consortium five degrees delay buying Chinese gas.
On October 15, is the new Austrian - sinopec consortium a takeover offer files final deadline. The ultimate result is expected, and somewhat surprising.
China's gas says, this company and sinopec October 15 conclude a strategic cooperation framework agreement, the two sides agreed to implement some strategic measures, and the board of directors agreed to sinopec and China gas other strategic shareholders' subscription China gas shares, or by other methods to make China's gas investment.
China's gas announcement revealed at the same time the strategic cooperation main clause:
- both of the joint venture company, using China's gas of liquefied petroleum gas (LPG) assets, brand, sales pipeline, sales of sinopec in the mainland belong to refinery production of liquefied petroleum gas (LPG) to develop the mainland liquefied petroleum gas retail market.
- both of the joint venture company, using China's gas city gas pipeline network conditions, and sinopec in the mainland of the gas station network to build petroleum products and compressed natural gas station and supplement to develop the car and ship gas market.
- sinopec will provide Chinese gas priority supply gas resources and liquefied natural gas supplies.
- sinopec principles agree with China gas involved in sinopec is responsible for the construction of provincial natural gas pipeline and supporting facilities investment.
- sinopec willing to put China's gas as its development inland city gas project platform and partner, the development of city gas project. Large cities in the mainland of pipeline gas project development, both sides can be common for project bidding or to the provincial, municipal government application project franchise.
China petroleum's role?
Reuters pointed out that China gas with China petroleum's kunlun gas was signed in October 2009 similar agreement, both sides agreed in principle to form strategic partner, in all respects to the mainland business natural gas and LPG business, but both sides then did not carry out any specific cooperation.
Reuters also quoted an anonymous European capital securities analysts said, China gas early also once and Oman national oil companies seeking cooperation, engaged in import business in Asia energy, the results also did not carry out any specific cooperation. In may this year, Oman's state oil company while China gas to shareholders said the shares, selling its in the Chinese gas about 5.42% of the shares, taking about hk $970 million.
According to the sales measure, China gas is China's third largest gas distributors, more than 150 cities in the mainland have natural gas pipeline franchise. China's gas in recent years performance basic maintain growth rate of between 30% and 60%. China's gas released by March 31, 2012 annual report shows, the company to realize the annual income is 18.93 billion hk dollar, net profit for 950 million hk dollar, income and net profit year-on-year respectively (more than the same period last year) increased by 19% and 52%.
In addition to China's gas, the mainland city gas, larger gas enterprise and huarun, Hong Kong Chinese gas, as well as the takeover battle between two leading role - the new Austrian energy and "again and again in the person" Beijing holding group, etc.
In December of 2010, the founder of the LiuMingHui was arrested, China gas share price once slump.
In December 2011, sinopec and the new Austrian gas to China gas a takeover offer, the offer price of hk $3.5 per share, the total bid about hk $16.7 billion.
Back then have analysis says, if acquisition success, sinopec and the new Austrian energy will be expanding natural gas terminal sales channel, and can obtain a relatively stable vapor source supply. For creating and downstream integration company, proactive China petroleum has kunlun gas, the latter is Beijing holding group business partners.
China's gas 15 suspended, plan 16 complex brand.