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KNOC, Sinopec in more than $8 bln battle for Addax
June 17, 2009 / 4:51 AM / 8 years ago

KNOC, Sinopec in more than $8 bln battle for Addax

HONG KONG, June 17 (Reuters) - 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 Chris Lewis)

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