Shares in Fortune Oil, the China-focused energy company, leapt 21 per cent after it said it was selling its natural gas business to China Gas Holdings for $400m.
China Gas will pay Fortune $200m in cash on completion of the deal and another $200m as a deferred amount, which Fortune said it could choose to receive in China Gas shares.
Fortune, listed in London but with its headquarters in Hong Kong, built up a sizeable natural gas business in China over the past five to six years by buying municipal gas supply and distribution companies as well as coal bed methane production assets. As part of this strategy it also invested in China Gas, one of the country’s largest natural gas operators.
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