UPDATE: Daylight Energy Slides Past $10, As Sinopec Unit Completes Takeover
Daylight Energy Ltd. (DAY.TO) is up 10 cents today, clearing the $10 hurdle as Sinopec, a subsidiary of the China energy giant Sinopec said it has completed the final step to buy it.
The takeover will give Sinopec access to Daylight Energy's 69 oil and natural gas assets in Canada's northeastern British Columbia and northwestern Alberta.
According to the deal that was signed in October, Sinopec will pay $10.08 Canadian dollars per Daylight Energy share through its wholly-owned subsidiary International Exploration and Production Corporation in exchange for a 100-percent stake in Daylight Energy. The C$2.2 billion deal is the second such takeover of a Canadian energy company by a Chinese refiner this year, following oil giant CNOOC acquisition of Canadian oil sands developer OPTI in July.
The arrangement was approved by approximately 99.6% of the votes cast by Daylight shareholders at the special meeting of securityholders held on December 5, 2011.
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