ENN, Sinopec Offers China Gas $2B

Bloomberg reported that China Petroleum & Chemical Corp. (NYSE:SNP) and ENN Energy Holdings Ltd. (HKG:2688) offered China Gas Holdings Ltd, HK$15.3 billion ($2 billion) cash in order to control of a fuel distribution network.

As quoted in the market news:

ENN and China Petroleum, Asia’s biggest refiner, bid HK$3.50 a share for the Hong Kong-based company that supplies piped gas to the mainland, the companies said today in a statement.

Click here to read the full Bloomberg report.