Sinopec seals record-breaking acquisition

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    clpstaff &clp articles

    Sinopec Group has acquired oil-exploration company Addax Petroleum for US$7.19 billion

    Sinopec Group has acquired oil-exploration company Addax Petroleum for US$7.19 billion. The deal marks the largest overseas acquisition by a Chinese oil company and is part of a trend of much larger public company takeovers in the energy and natural resources sector.

    Vinson & Elkins advised Sinopec on the purchase, following up its work for the state-owned company on last year's US$1.9 billion acquisition of Tanganyika Oil. The V&E team was led by Beijing partner Paul Deemer and Shanghai partner David Blumental.

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