China Petroleum & Chemcial (SNP) to Acquire Tanganyika Oil for $2B
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China Petrochemical Corp. (NYSE: SNP), or Sinopec Group, announced its offer to take over Tanganyika Oil Ltd. for $2 billion. Sinopec Group offered to acquire all the 65.6 million shares in Tanganyika Oil at C$31.50 per share.
According to a Wall Street Journal article, Tanganyika produces oil in Syria.
China Petroleum & Chemical Corporation, through its subsidiaries, operates as an integrated oil and gas, and chemical company in the People's Republic of China and Hong Kong.
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