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Sinopec/ENN say no price decision yet on China Gas bid

March 12/2012

(Reuters) - China Petroleum & Chemical Corp (Sinopec) and ENN Energy Holdings Ltd said they had not made any decision on whether to raise their USD2.2 billion takeover offer for China Gas Holdings Ltd after local media said the firms had ruled out the possibility of sweetening the bid.

In a joint filing with the Hong Kong Stock exchange, Sinopec and ENN said they believed their current offer for the city gas distributor was in the best interests of China Gas and its shareholders. But they said no decision had yet been made on the possibility of improving the take-over bid.

ENN chairman Wang Yusuo said there were no plans to raise the offer price of HK USD3.50 a share. He also said that talks between the consortium and China Gas' representatives had reached an impasse: "We are stuck in the discussions."

Author:Anna Larionova
Category:General News
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