Sinopec, the Chinese refiner, has won the battle to acquire Calgary-based Tanganyika Oil in a deal that values the Canadian company at C$1.9bn (US$1.8bn).
Tanganyika Oil, which has exploration and production assets in Syria and Egypt, has a primary listing in Toronto and listed depositary receipts in Stockholm.
The Chinese refiner agreed to pay C$31.50 per share, and expects to acquire 100 per cent of the company after securing support from its major shareholders.
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