Sinopec to buy Daylight Energy Ltd for CAD 2.2 billion

Dear PGM CAPITAL Blog readers,
On Sunday October 9th 2011, China Petrochemical Corp., (NYSE: SNP) the nation’s biggest refiner, agreed to buy Daylight Energy Ltd.
(TSX: DAY) for C$2.2 billion (US$2.1 billion) in cash, gaining Canadian oil and shale-gas reserves in its largest acquisition this year.

Highlights of the deal:

  • The deal for Calgary, Alberta-based Daylight is for C$10.08 per share. That is more than double the closing price of Daylight’s closing price of C$4.59 on Friday October 7 2011.
  • The transaction would mark the latest energy sector deal between China and Canada.

 

 

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