SINOPEC PURCHASES ADDAX PETROLEUM COPORATION FOR $9billion

Chinese oil company, Sinopec has announced conclusion of the buy-out of Canadian oil independent, Addax Petroleum Corporation.
In a joint statement by both companies, Sinopec and Addax Petroleum revealed that they are "pleased to announce that 153,734,120common shares of Addax Petroleum Corporation, which represent approximately 92.67percent of the Addax Petroleum common shares on a diluted basis, have been tendered to the offer dated July 9, 2009 made by Mirror Lake Oil and Gas Company Limited."
Mirror Lake is an indirect wholly-owned subsidiary of Sinopec.
The statement added that "since all of the conditions to the Offer have been satisfied, Mirror Lake has taken up all of the Addax Petroleum common shares tendered to the Offer as of this date".
Sinopec International also said that it has extended the expiration date of its offer, which was scheduled for Friday, by 13 days.
The deal, worth $9 billion, including all Addax Petroleum debts, is the biggest takeover of a foreign company by a Chinese company according . The board of directors of Addax Petroleum will be replaced by nominees of Sinopec International, but Addax's chief executive, Jean Claude Gandur, would remain as a director in Addax.
Implications for Nigeria
Speaking on the implications for Nigeria, Mr. Akinoso said: "Things still remain unclear how the Chinese are going to go about it. But one thing is certain: they're going to rely heavily on the guys that have been running the company. It's the first time a Chinese company is taking over a Western oil company anywhere in the world that I know of."