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Sinopec’s Addax bid make little progress – report

Posted on: June 16, 2009


Reuters – Wednesday, June 17

BEIJING, June 16 – China’s Sinopec Group, Asia’s top oil refiner, has made no significant progress with its bid for Swiss-based oil explorer Addax Petroleum <AXC.TO>, Caijing magazine quoted an unnamed company official as saying on Tuesday.

The unnamed official said he suspected media reports on the bid were deliberate attempts to influence the company’s share price.

The Chinese magazine also quoted the board secretary of Sinopec Corp <0386.HK>, Sinopec Group’s listed subsidiary, as saying the listed entity was not playing a leading role in the deal.

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