Sinopec to buy remainder of refiner Zhenhai

摘要

Sydney/Hong Kong-Sinopec Corp plans to buy the rest of Zhenhai Refining & Chemical Co in a deal worth HKus7.672-bil (us989-mil),the Chinese major said Nov 14.The "merger by absorption" is to be effected by subsidiary Ningbo Yonglian.Sinopec already owns 1.8-bil or 71.32% of ZRCC's 2.524-bil shares.Ningbo Yonglian is to pay a cancellation price of HKus10.60/share in cash to the holders of ZRCC's 724-mil H shares traded on the Hong Kong Stock Exchange.