HONG KONG, June 17 Korea National Oil Company
(KNOC) and China's Sinopec are competing for the takeover of
Switzerland-based oil and gas explorer Addax Petroleum AXC.TO,
sources said on Wednesday, with bids valuing the company at more
than $8 billion, including debt.
Both sides were in negotiations, the sources said, cautioning
that no final deal was on the table yet.
But the sources said an agreement could be reached in the
next couple of weeks.
Sinopec declined to comment. KNOC could not immediately be
reached for comment. The sources were not authorised to speak
publicly about the deal.
(Reporting by Michael Flaherty and Joseph Chaney; Editing by