BEIJING - A subsidiary of China's energy giant Sinopec said Friday it has completed the final step to buy Canadian oil and gas explorer Daylight Energy Ltd..
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 2.2-billion-Canadian-dollar deal is the second such takeover of a Canadian energy company by a Chinese refiner this year, following oil giant CNOOC's acquisition of Canadian oil sands developer OPTI in July.
