Friday, May 04, 2012
HONG KONG (Dow Jones)--Beijing Enterprises Group Co. bought 237.6 million shares in piped-gas distributor China Gas Holdings Ltd. (0384.HK) from Oman Oil Co. S.A.O.C., a person familiar with the situation said Friday.
Oman Oil sold its entire 237.6 million shares in China Gas at HK$4.10 each for a total of HK$974 million (US$125.5 million), according to a statement from the Hong Kong Securities and Futures Commission Thursday, which didn't identify the buyer of the shares.
Beijing Enterprises Group is the parent of Hong Kong-listed conglomerate Beijing Enterprises Holdings Ltd. (0392.HK), which owns Beijing Gas Group Co., the monopoly natural-gas distributor in Beijing.
China Gas is the subject of a takeover bid by China Petroleum & Chemical Corp. (0386.HK), or Sinopec, and gas supplier ENN Energy Holdings Ltd. (2688.HK). The two companies made their preliminary offer in mid-December, but said Monday that negotiations on the proposed US$2.15 billion planned acquisition had been extended to July 6 from May 15.
-By Yvonne Lee, Dow Jones Newswires; 852-2802-7002; yvonne.lee@dowjones.com
(END) Dow Jones Newswires
04-05-12 0850GMT
