Deals
Sinopec Gains Canada Shale Gas in $2.1 Billion Daylight Deal
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China Petrochemical Corp., the nation’s biggest refiner, agreed to buy Daylight Energy Ltd. for C$2.2 billion ($2.1 billion) in cash, gaining Canadian oil and shale-gas reserves in its largest acquisition this year.
The state-owned company known as Sinopec Group offered C$10.08 a share, Calgary-based Daylight said in a statement yesterday. That’s 70 percent higher than Daylight’s average price during the past 20 trading days and more than double the average 32 percent premium for comparable cash bids for North American energy explorers, data compiled by Bloomberg show.